Role and Approaches to Marketing

Vocabulary flashcards covering the role of marketing, its strategic impact on society, functional interdependence, and historical marketing approaches.

Strategic role of marketing goods and services

Developing a combination of strategies that can maximise sales, increase brand awareness and increase customer satisfaction.

Marketing plan

An efficient tool that contains details on how to sell a product, including short term and long-term planning.

Strategic role and impact on society

The way businesses operate, achieve their goals and affect society through choice, standard of living, employment, market share, and sales.

Choice

The variety of goods and services that businesses offer to consumers.

Standard of living

The quality of life that businesses improve for people by providing goods, services and income opportunities.

Employment

The creation of jobs and provision of wages for workers by businesses.

Market share

The percentage of sales in a market that a business aims to capture.

Sales

The selling of more goods and services by businesses to generate revenue.

The marketing concept

The principle that all sections of business are involved in satisfying customer needs and wants while achieving business goals, directing all policies, plans and operations towards achieving customer satisfaction.

Operations

A key business function that transforms inputs such as raw materials, labour and equipment into outputs, which is finished goods and services.

Operations and marketing interdependence

Operations works closely with marketing to incorporate product features consumers respond to positively, while marketing develops the strategies that sell the product.

Human resources

through the marketing process a business is able to determine the skills, required for employees to produce the desired product. staff are the public face for consumers influencing their deicsion towards a product or recommendation.

Accounting and finance relationship to marketing

Provides financial information for sound decision making, identifies total production costs to set pricing, assists in obtaining financing, and provides budgets and forecasts for promotional campaigns and sales.

Forecasts

Predictions of the future of the business based on data, past information and trends.

Production approach

An approach focused mainly on the production and quality of goods and services, where demand is based more on mass production techniques than customer needs and wants.

Selling approach

An approach where high-quality mass-produced goods increase competition, relying on salespersons and strategies aimed at convincing consumers to need and buy the product.

Marketing approach

An integrated approach that identifies customer wants and needs through research, promotes appropriately, prices strategically, and focuses on high satisfaction and customer orientation.