Marketing and Production Fundamentals

This set covers business production approaches, market types, consumer laws, ethical influences, and the marketing process stages including research and strategy implementation.

What is the focus of the Production approach?

The Production approach focuses on the strengths of the business and making products, with an emphasis on producing the best products possible hoping customers will purchase them if they are good and cheap enough.

What is the primary objective of the Selling Approach?

The Selling Approach focuses on promoting products to generate sales.

How does the Marketing approach determine its strategy?

It focuses on customer wants and needs and determines what they want.

What characterizes a Resource market?

A market involved in primary production, such as mining, agriculture, and forestry.

What is the role of an Industrial Market?

Businesses in this market purchase raw materials to use in production.

What consists of the Intermediate Market?

Wholesalers and retailers who buy and resell products to profit.

What is the difference between Mass Markets and Niche Markets?

Mass markets sell one product to all buyers, while Niche markets focus on specific segments.

What are the four factors influencing Customer Choice?

Psychological, sociocultural, economic, and government.

Which legislation makes deceptive and misleading advertising illegal?

The Competition and Consumer Act.

According to the Fair Trade Act 1987, what are implied conditions?

The unwritten assumed terms of a contract.

How is a 'warranty' defined in business?

A promise made by a business that they will correct any defects in goods they produce after a set period.

What does 'Sugging' refer to in marketing ethics?

Selling under the guise of market research; it involves pretending to conduct a survey while actually trying to sell a product.

What is a 'Cartel contract'?

A prohibited arrangement where two or more businesses agree to act together, engaging in unfair competition.

What are the components of a Situational analysis?

SWOT analysis and Product life cycle.

What are the three steps in Market research?

1. Determining information needs. 2. Collecting data from primary and secondary sources. 3. Analysis and interpreting data.

What are the three common marketing objectives?

1. Increase market share. 2. Expand product mix. 3. Maximise customer service.

What are the three approaches to identifying target markets?

1. Mass marketing approach. 2. Market segmentation approach. 3. Niche marketing approach.

What are the 4Ps of developing marketing strategies?

Product, Price, Promotion, and Place.

What is the difference between 'monitoring' and 'controlling' in the marketing process?

Monitoring is the process of measuring actual performance against planned performance, while Controlling involves a comparison of planned performance against actual performance and taking corrective actions.

What are the steps involved in implementing, monitoring, and controlling marketing strategies?

1. Developing a financial forecast. 2. Comparing planned vs actual performance. 3. Revise marketing strategies.