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What is marketing?
the management process involved in identifying, anticipating and satisfying consumer requirements profitably
main objectives of marketing
products, price, place, promotion
products
right _______ are supplied to meet the customerās wants and needs
price
set the correct ________ so products are affordable and so customers donāt buy from rival businesses
place
distribute the products conveniently for the customers to purchase
promotion
make sure there is _________ promotion to convince the customer to buy the product
marketing requires _____ and _____
responsibility and decision-making
how are needs and wants identified
market research and data analysis
what factors do customers look at when assessing the value on a product
price availability and quality
marketing is about earning profit. true or false?
true
market orientation
looks to the market to see what consumers need and want (what the market wants)
product orientation
looks at what they can make instead of making products that they can sell (what they hope the market will want)
advantages of market oriented firms
greater flexibility and lower risk
disadvantages of market oriented firms
market research and no guarantee itāll work
advantages of product oriented firms
assured quality and more control over operations
disadvantages of product oriented firms
needs of market are ignored, high risk and high failure, and high research and development costs
whether a business adopts market or product orientation depends onā¦
the market, organizational culture, and barriers to entry
how to calculate market share
MS = (firmās sales revenue / industry sales revenue) x 100
whatās market share?
refers to an organization's share of the total value of sales within a specific industry
ways to increase market share
brand promotion, product development, motivating and training the workforce, establishing intellectual property rights, and using more efficient channels of distribution
how to calculate market growth rate
MGR = ( (current market size - original market size) / original market size ) x 100
whatās market growth?
refers to the rate at which the size of a market is increasing
market growth is often used to measureā¦
success of a business in relation to market share
growth is aā¦
common business objective
market leadership
refers to the position of the business having the largest market share in a given market
benefits of being market leader
premium pricing, economies of scale, longer product life cycles, favorable distribution terms, greater publicity and brand exposure, easier to attract and recruit highly qualified employees
operations management
Work together to research, develop and launch products to meet needs and wants of customers
finance
Work together to set appropriate budgets that fulfill marketing and finance objectives
human resources management
Ensure the firm has the right quantity and quality of workers to meet the needs and wants of customers
marketing ethics are theā¦
moral aspects of an organizationās marketing strategies
unethical marketing exists whenā¦
moral codes of practice are not adhered to and when such activities offend the general public
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