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17 Cards in this Set
- Front
- Back
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The aims of the Marketing Function: |
Creating and maintaining a competitive advantage for the business Developing new products or services Identify new markets for the business ensure that the business has the opportunity to grow and improve. |
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Understanding Market Segmentation: |
Studied the possibility of dividing the overall market into different groups with the aim of focusing the business’s marketing resources on customers who have similar characteristics. Identifies the relevant segments and understands what chosen segments wants, business then needs to conduct a market research. It can also lead to the determination of possible gaps in the market that have not yet been filled. |
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The use of technology in marketing: |
1. Internet 2. Social Media |
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Internet: |
The use of a website means that customers have direct access to the businesses products or services and websites also give the business an opportunity to give feedback from customers quickly. |
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Social Media: Facebook, Twitter, Blogs and YouTube |
Facebook and Twitter are ways for the business to engage with customers and provide information. Business can create a Blog to communicate with customers in a public forum. Business can pass on short promotional messages to customers watching. |
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International Marketing |
1. Trade Agreements 2. Import Tax 3. Export Subsidies 4. Import Quotas |
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Trade Agreements: |
Are entered between different countries with the aim of increasing trade between the countries. |
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Import Tax: |
Is tax that’s paid to SARS when good are imported. Import taxes purpose is to make import goods more expensive and to encourage consumers to purchase the produced goods. |
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Export Subsidies: |
Helps the business keep the prices of export products low so they can compete in the international markets. |
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Import Quotas: |
SA gov drafted certain laws to protect the sustainability and growth of the local economy. Eg. Import quotas |
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The Consumer Protection Act: the CPA came into force on 24 April 2009 with the aim of: |
To protect from unethical and questionable marketing practices and to expand the rights of previously disadvantaged individuals to be treated as fairly as the customers. |
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Intellectual Property and Marketing: |
Intellectual property (IP) refers to the protection of a persons work. The IP law protects the person or firm that retains the IP rights and ensures that the right people receive benefits. Inventions, names, imagines and written work is protected by law through mechanisms such as patents, copyrights and trademarks. |
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Different types of intellectual property: |
Trademarks Collective Marks Industrial Design Patents |
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Trademarks: |
Is a symbol or word legally registered for the business to use regarding its product and service. The brand is the “face of the business” Brands help customers to differentiate businesses products and services from its competitors and helps gain a competitive advantage. |
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Collective Brands: |
A collective mark is a sigh that helps recognise a product or service by its geographical origin. Businesses also join certain associations that offer this protection if the products meet the criteria. Eg. South African Bureau of Standards and Fair Trade. |
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Industrial Designs: |
If it becomes part of the products registered trademark, the product’s aesthetic value will be protected. Eg. Colour, shape, pattern or special appearance. Eg. Unique shape of an Apple phone. |
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Patents: |
It gives the business the protection of the exclusive right to a certain product and is often registered when it’s a nee way of doing something. |
