trade and exchange wk 1 flashcards!

Introduction to Marketing

• Definition: Marketing is fundamentally about buying and selling.

• Business Role:

  • Producing goods for sale

  • Engaging in various marketing functions

    • Selling, advertising, promotion, PR, distribution, market research

Marketing Decision-Making

• Evidence-Based Marketing: Marketers must make informed decisions affecting business outcomes:

  • Product or service offers

  • Market targeting strategies

  • Pricing strategies

  • Advertising platforms and timings

  • Customer communication strategies

• Considerations: The necessity of supporting evidence for marketing decisions.

Changing Marketing Landscape

• Market Characteristics:

  • Competitive, global, and complex.

  • Increasing consumer wealth and education lead to higher expectations.

Historical Perspective on Trading

• Origin of Trade: Trading dates back thousands of years and evolved significantly over time, including the establishment of trade routes like the Silk Road (114 BCE to 1450 CE).

• Trade encouraged specialization and productivity within populations as surplus goods were exchanged.

Marketing Metrics

• Importance: Marketers utilize metrics to assess brand health and performance:

  • Sales (occasion, value, volume)

  • Brand awareness (%)

  • Profit contribution per sale

  • Market share (occasion, volume)

  • Total advertising expenditure

  • Number and engagement of customers

Marketing Interventions and Strategies

• Marketing Mix: Actions taken to achieve strategic goals, often encompassing the 4Ps: Product, Price, Promotion, Place.

• Market-Based Assets:

  • Mental Availability: Likelihood of being noticed in purchasing situations.

  • Physical Availability: Frequency of product presence in buying scenarios.

Understanding Customer Needs

• Role of Marketers: To identify customer needs and develop corresponding wants through market research, observing, and surveying consumers.

Sustainable Marketing

• Definition: Marketing that is maintainable and benefits society's long-term interests while addressing economic and environmental impacts.

Buyer Behaviour Insights

• Key Concepts:

  • High vs. Low involvement purchases

  • Habitual buying patterns

  • Consumer loyalty and its implications

• Importance of memory: Brands must retain mental availability to ensure consumers recall them during decision-making.

Differences among Consumers

• Heterogeneous Motivations: Understanding that consumers have different preferences and motivations, leading to diverse buying behaviors and brand interactions.

• Target Marketing: Focuses marketing efforts on specific consumer segments to address varied needs effectively.

Marketing Communication and Consumer Response

• Marketers often misinterpret their roles, focusing on altering buyer attitudes rather than influencing buying behaviors directly.

Assessment Overview

• Internal Students:

  • Continuous Assessment (15%), Assignment (35%), Examination (50%)

• Assignment Details: Individual analysis, major reports, participation.

• External Students: Similar structure and assessments with slight variations in task requirements.

Resources and Support

• Access Plans: Encourage students with specialized needs to reach out early.

• Counselling Services: Offer confidential support for personal issues impacting studies.