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the role of marketing (market share (common obj to increase market share…
the role of marketing
market share
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measured by xpressing the firm's sales revenue as % of total sales revenue in industry per time period
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definition of marketing
marketing
the mngmt process of getting the right prod to the right cust to the right price to the right place and time
the mngmt task tht links the buss to the cust by identifying and meeting the needs of cust profitably
marketing of goods
the use of 4 p's of prod, price, place n promotion in marketing mix
marketing of services
the use of 7 p's of prod, price, place, promotion, process, people n phy evidence in marketing mix
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social marketing
the use of marketing approaches that help bring about changes in behaviour that ultimately benefit society
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buss make good marketing dec based on cons' needs and firm's req also on cons' and society's long term interests and welfare
e.g public health campaigns, prov info on dangers of drink-drinking, educate public on eating healthy food
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market
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characteristics
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competition
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as the firm hs sigignificant market power, the intensity of comp can be very high in markets
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commercial marketing
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creat, develop, exchange goods / serv that cust need and want
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relationships
operation mngmt
using sales, forecast in market research to prepare prod schedules
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conflict - between longer time period for development whereas shorter time period for quick launch in order to gain high sales revenue
finance
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conflict - exceed budgets to get maximize mrktg exposure whereas allocated within their budgetsaware tht extended credit lead to liquidity prob
HR
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ensure buss hs the right quantity n quality of workers through effective workforce planning to meet the needs and wants of cust
social media marketing
marketing approach adopted by buss that uses social networking websites from Internet to market its prod
marketing tool that incorporates the use of technological conc n techniques with the aim of growing buss with dif media
adv
enables form to get direct feedback - opportunity to ask ques - voice complaints - known as sical relationship management
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enhance firm's brand - already hv large est online communities - gain exposure just by joining the media
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orientation
market
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focus on cust in order to identify, design, develop, n supply prod tht meet their needs n wantsgather info from market research
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disadv
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no guarantee that this approach will work due to dynamic nature of buss environment n uncertainty of future
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