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4.1 The role of marketing (market characteristic (market size : the total…
4.1 The role of marketing
introduction :
marketing: the management task that links the business to the customer by identifying and meeting the needs of customer profitably
relation with other department
finance ( need to fund and increased promotion)
Human resources : additional employees recruitment
operations ( links between them are vital )
market characteristic
market size : the total level of sales of all production
market growth : the percentages changes in the total size of the market
competitors and ease of entry : the lack of barriers for the estabalishment of new competitors in a market
differentiated and homogeneous products : goods that are physically identical
segmentation : dividing a market into distinct groups of consumer who share common tastes and requirement
differences between marketing goods and marketing services
services are consumed immediately
services cannot be taken back to be repaired or replaced
consumer find it much more difficuilt to compare service quality
people is very important for services
marketing approaches
benefits
chances of newly developed products failing in the market are much reduces
constant feedback from consumer
product-oriented
invent and develop product in the belief that they will find consumer
concentrate their effort on efficiently producing high-quality good
social marketing: consider demand and public involved in some way
attempt to balance company profit, consumer want and society's interest
difference in short term an long term welfare
still aim to identify consumer needs and satisfy more than competitors
market share
(firm sales in time period/total market sales in time period) x 100
benefit being market leader
sales are higher
retailers will be keen to stock and promote the best-selling brand
ccan be used to advertising and other promotional material
higher profitability