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4.1 THE ROLE OF MARKETING (Work scope of marketing (Advertising, Packaging…
4.1 THE ROLE OF MARKETING
Marketing is the management process responsible for identifying, anticipating, and satisfying consumer's requirements profitably
Work scope of marketing
Advertising
Packaging
Pricing
Distribution
Market Research
Customer Service
Product Design
Relation between marketing and other business functions
Human Resource
Additional workers needed
Operation Management
To determine preferences of consumers
Finance
To fund the increased promotion budget
Market Characteristics
Competitors and Case of entry
Is the lack of barriers for the establishment of new competitors in a market
Homogeneous product
Is the goods that are physically identical or viewed as identical by consumers
Market Growth
Market growth is the percentage change in the total size of a market over a period of time
Segmentation
Is dividing a market into distinct groups of consumers who share common tastes and requirements
Market Size
Ways of measuring market size are through volume of sales or value of goods sold
Market size is crucial because a marketing manager can assess whether the market is worth entering or not
Market size is the total level of sales of all producers within a market
Difference between Marketing Goods and Marketing Product
Time for delivery the service
Deliverability
Building trust
Relationships
Perceived Value
Marketing Approach
Product Orientation
An inward looking approach that focuses on making products that can be made for a long time and then trying to sell them
Market Orientation
An outward looking approach basing product decisions on consumer demand, as established by market research
Importance of market share and market leadership
Suppliers will want to continue with long term supply contract
Recruitment of high class employees
Being market leader
Could convince investors, bankers and creditors
Marketing Objectives
For-profit organisation
To increase brand identity
To increase number of new customers
To increase total sales
To increase customer satisfication
To gain market leadership
Non-profit-making organisation
Increase recognition of the organisation by society
Promote the work and aims of the organisation to a wide audience
Maximise revenue from trading activities
Is the goals set for the marketing department to help the business to achieve its overall objectives