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The role of marketing (related management functions (advertising,…
The role of marketing
related management functions
advertising
distrbution
pricing
customer service
product design
packaging
market research
characteristics
market growth
% change in the total size of a market over a period of time
competitions & ease of entry
the lack of barriers for the establishment of new competitors in a market
market size
the total level of sales of all producers within a market
segmentation
dividing a market into distinct groups of consumers who share common tastes and requirements
differentiated or homogeneous products
goods that are physically identical or viewed as identical by consumers
evolution of consumer preferences
healthy food
tablet computers
fuel-efficient cars
informal business clothing
importance of market share & market leadership
used in advertising & promotional material
strong bargaining position with both suppliers and retailers
recruitment of high-class employees
financing become easier due to investors and banks are convinced
relationship with other business functions
human resources
additional employees needed by marketing
operations
market research data will be used by operations
finance
fund the increased promotion budget
marketing price & strategies influences
ethical consideration
cultural differences
innovation
marketing objectives
for-profit organisations
total sales
market share
average number of items purchased per customer visit
frequency that a loyal customer shops
percentage of loyal customers
number of new customers
customer satisfaction
brand identity
non-profit organisation
market research
identifying the best ways to communicate effectively with donors
assess the effectiveness of different promotions and campaigns to increase value for money
market share
market share % formula
(firm's sales in time period / total market sales in tie period) x 100
social marketing
considers the demand of consumers and the effect in all members involved
attempt to balance
company profits
consumer wants
society's interests
identify the consumer needs and wants and to satisfy
considers long-term welfare
a significant competitive advantage
able to charge higher prices for its products