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15 Cards in this Set
- Front
- Back
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Def of marketing |
This is the Management task that links the business to the customer by identifying and meeting the needs of customers profitability. It does this by getting the right product at the right price to the right place at the right time |
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What does market research have to do with marketing |
This means that market research is needed to identify and analyse customer needs. With this knowledge, strategic decisions must be done taking about product design pricing promotion and distribution |
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Def of market |
This is the place where buyers and sellers meet to engage in the exchange |
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Def of human need |
These are basic requirements that an individual wishes to satisfy such as food clothing affection |
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Def of wants |
These are things we do not need for our survival, but satisfy certain requirements or individual need, of Such as expensive restaurant or being seen in an expensive restaurant |
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What’s the aim of marketing |
The aim is to convert human what’s into needs by very persuasive advertisement |
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Does value affect consumers |
A consumer will consider a product to be good value if it provides satisfaction at what is thought to be a reasonable price. This is because MS= MP. |
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How does a business keep a long term relations with customer |
To maintain long term customer relations, business should aim to offer good value, and hence satisfaction at all times |
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Def of marketing objective |
The goals set for the marketing Department to help the business achieve its overall objective |
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Def of marketing strategy |
Long term plan established for achieving marketing objectives |
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Name examples of marketing objectives (4) |
Market share Total shares Brand identity Number of new customers |
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How can a marketing objective be effective |
1) fit with the overall aims and mission of the business - the marketing objective should reflect the aims of the whole organisation and they should attempt to aid and the achievements of these 2) be determined by senior management. They key marketing objectives will determine the markets and products a business trades in for years to form and these issues must be set with by managers at a senior level 3) realistic, motivating, achievable, measurable and well communicated to all departments of the organisation |
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Why are marketing objects important |
1) they provide a sense of direction for the marketing department 2) progress can be monitored against these targets 3) they can be broken down into regional and product sales tragedy to allow for management objectives 4) they form a basis of marketing strategy. Without a clear vision of what the business hopes to achieve for its products, it’ll be pointless discussing how it should market them. For example, penetrating in existing markets more fully by selling more to existing and new customers, entering new markets, developing new products |
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Is coordination of marketing with other departments important and why |
The links between the marketing department and other functional departments it’s vital. As most business decisions will be focused around achieving the marketing objectives, it is inevitable that the marketing department will have a central role in coordinating the work for other departments to achieve this marketing objectives |
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What’s the link between the marketing department and other functional departments |
The links are between the marketing and finance operations and human resources |
