Business studies syllabus Marketing

Role of Marketing dot points

4

Influences in marketing dot points

3

Marketing Process

6

Marketing strategies

8

Role of Marketing 1.

1. Strategic role of marketing goods and services

Role of Marketing 2.

2. Interdependence with other key business functions

Role of Marketing 3.

3. Production, selling, marketing approaches

Role of Marketing 4.

4. Types of markets

○ Resource

○ Industrial

○ Intermediate

○ Consumer

○ Mass

○ Niche

Influences in Marketing 1.

1. Factors influencing customer choice

○ Psychological

○ Sociocultural

○ Economic

○ Government

Influences in Marketing 2.

2. Consumer laws

○ Deceptive and misleading advertising

○ Price discrimination

○ Implied conditions

Influences in Marketing 3.

3. Ethical considerations

○ Truth, accuracy, and good taste in advertising

○ Products that may damage health

○ Engaging in fair competition

○ Sugging

Marketing Process 1.

1. Situational analysis

○ SWOT analysis

○ Product life cycle

Marketing Process 2.

2. Market research

Marketing Process 3.

3. Establishing market objectives

Marketing Process 4.

4. Identifying target markets

Marketing Process 5.

5. Developing marketing strategies

Marketing Process 6.

6. Implementation, monitoring, and controlling

○ Developing a financial forecast

○ Comparing actual and planned results

○ Revising the marketing strategy

Marketing Strategies 1.

1. Market segmentation, product/service differentiation, and positioning

Marketing Strategies 2.

2. Products - goods and/or services

○ Branding

○ Packaging

Marketing Strategies 3.

3. Price, including pricing methods

○ Cost

○ Competition-based

○ Pricing strategies

○ Price and quality interaction

Marketing Strategies 4.

4. Promotion

○ Elements of the promotion mix

■ Advertising

■ Personal selling and relationship marketing

■ Sales promotions

■ Publicity and public relations

○ The communication process

■ Opinion leaders

■ Word of mouth

Marketing Strategies 5.

5. Place/Distribution

○ Distribution channels

○ Channel choice

■ Intensive

■ Selective

■ Exclusive

○ Physical distribution issues

■ Transport

■ Warehousing

■ Inventory

Marketing Strategies 7.

7. E-marketing

Marketing Strategies 8.

8. Global Marketing

○ Global branding

○ Standardisation

○ Competitive positioning

Marketing Strategies 6.

6. People, processes, and physical evidence

Global marketing

○ Global branding - the strategy of creating and maintaining a consistent brand identity across all countries and cultures

○ Standardisation - focuses on creating a standardized plan of action across the board for marketing your brand or product in various countries

E-marketing

Strategic process of creating, distributing, promoting, and pricing goods and services to a target market over the Internet or through digital tools (e.g. promoting through famous celebrities or youtubers)

○ Physical distribution issues

■ Transport

■ Warehousing

■ Inventory

○ Channel choice

■ Intensive

■ Selective

■ Exclusive

Pricing strategies

■ Skimming

■ Penetration

■ Loss leaders

■ Price points

■ Skimming

a pricing strategy that sets new product prices high and subsequently lowers them as competitors enter the market

■ Penetration

a strategy used by businesses to attract customers to a new product or service by offering a lower price initially

■ Loss leaders

prices a product lower than its production cost in order to attract customers or sell other, more expensive products

■ Intensive

try to sell their products in as many outlets as possible

■ Selective

selling a product at select outlets in specific locations

■ Exclusive examples

Apple for its high-priced and luxury products, as well as companies like Lamborghini, BMW, Rolex, and Mercedes.

○ Elements of the promotion mix

■ Advertising

■ Personal selling and relationship marketing

■ Sales promotions

■ Publicity and public relations

○ The communication process

■ Opinion leaders

■ Word of mouth

Sugging

Selling for research purposes - must be ethically announced.