40. product, market and asset led

What is marketing

The management process involved in identifying anticipating and satisfying customer requirements profitability

Roles of the marketing function

Usp, trends in the market, determining product/service, social media, advertisement

What are common objectives for the marketing function

.increase market share- attract customers away from competitors

.increase sales revenue- advertisement, new customers, more sales

.develop new product/service- market research customer wants and needs

What is meant by the marketing mix

The combination of all the marketing decisions that a business makes and how the relate to each other. They are known as the 4P’s

Product, price, place and promotion

What issues may be considered under product in the four P’s

Product portfolio, Boston matrix, product life cycle and branding

What issues may be considered under price in the four P’s

Price makers vs price takers

Strategies — ST

Tactics — LT

What issues may be considered under place in the four P’s

Distribution channels, internet vs physical store, methods used to get product to end customer

What issues may be considered under promotion in the four P’s

Drawing attention, product business, gain and retain customers

What is meant by product orientation

A business based its marketing mix on what the business sees as its internal strategies

What is meant by asset-led marketing?

When marketing decisions are based on the needs of the consumer and the strengths of the business

What is meant by market orientation

A business bases its marketing mix on its perception of what the market wants

What is meant by a durable product

Good that does not quickly wear out or more specifically one that can be used over time

What is meant by a nondurable product

Goods which are immediately used by a consumer or which has an expected lifespan of three years or less

What is the difference between convenience goods and speciality goods

Convenience goods, most accessible brand will be purchased e.g. outlet store

Speciality goods, only a specific brand will be purchased e.g. customers go out of their way to reach it

What is product differentiation

Process of distinguishing a product or service from others to make it more appealing

What is a unique selling point (USP)

The aspect or feature of the product that may differentiate it from its rivals. Something that is unique and different from other options