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Learning Objectives for Marketing Retake

Content Covered

Definitions

Topic A.1: Principles Of Marketing

Activities

Business Model

Principles Of Branding

Learning Aim B: Market Research

Activties

Learning Aim C: Marketing Mix

Product, Price, Place, Promotion

Activities

Marketing Role

The function of marketing within businesses involves creating, communicating, delivering, and exchanging offerings which have value for customers, clients, society, and partners at large.

Market Research

The process of gathering, analyzing, and interpreting information about a market, product, or service to make informed decisions in areas such as product development, pricing, promotion, and distribution.

Marketing Mix

The set of tactical marketing tools - product, price, place, and promotion - that a company blends to produce the response it wants in the target market.

Definitions

Market Share:The percentage of total sales within a market which is captured by a company or product. It is calculated by dividing a company's sales by the total market sales and multiplying by 100.

Customer: A person who purchases goods or services from a business.

Consumer: An individual who uses the goods or services purchased, often the end user.

Competitive Advantage: A unique strength or attribute that allows a company to outperform its competitors by offering greater value to customers or by operating more efficiently.

Corporate Objectives: Corporate objectives are specific, measurable goals set by a company to achieve its mission and vision, guiding its strategic direction and decision-making processes.

Marketing Plan: A comprehensive document outlining a company's advertising and marketing efforts for a specific period, including strategies, goals, and budget allocation.

Corporate Objectives: Goals set by a company to guide its actions and decisions, often related to growth, profitability, market share, or social responsibility.

Market Oriented: A business approach focusing on meeting the needs and wants of customers to drive product development and marketing strategies.

Product Oriented: A business approach focusing on creating high-quality products that meet customer needs and preferences, often emphasising product features and quality over other aspects like marketing or customer service.

Marketing Plan: A comprehensive document outlining a company's advertising and marketing efforts for a specific period. It includes strategies, objectives, target audience, budget, and tactics to achieve marketing goals.

Product Orientated: A business approach focusing on creating products based on company capabilities rather than customer needs or market demands.

Target Markets: Specific groups of potential customers that a business aims to reach with its products or services through marketing strategies and campaigns.

Market Segments: Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviours that might require separate marketing strategies.

Gap In the Market: A situation where there is an unmet need or demand within a market segment that has not been addressed by existing products or services.

Market Segments: Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviours that might require separate marketing strategies

Core Product: The main product or service that meets the basic needs of a customer, providing the primary benefit or solution.

Augmented Product:An augmented product is a core product enhanced by additional features and services that add value beyond the basic product. It includes aspects like warranties, customer support, delivery, installation, and more.

Unique Selling Point: A specific feature or benefit that differentiates a product or service from its competitors and makes it stand out in the market.