Chapter 16 - Marketing
16.9
16.2 - Consumer and industrial markets
16.3 - Marketing objectives
16.4 - Distinguish between market orientation and product orientation
16.5
16.7
16.6
16.1 - The role and importance of marketing
16.8
Roles of the marketing department
Marketing varies for all different products
Important functional departments of all businesses
to find out what consumers are prepared to buy
communicate this to other departments, e.g. operations/production
sell the product
Industrial markets - where business buy the product to be used in further production.
Consumer markets - when products are sold to the final users of the products
Marketing objectives should be aimed at achieving the objectives of the cooperation
They should be coordinated with the objectives of other departments to try to ensure that resources are available for meeting the marketing objectives.
Effective marketing should have clear objectives
Product orientation - focuses on products that can be made or have been made for a long time and then trying to sell them.
There are also two other approaches to marketing
Market orientation - bases product decisions on consumer demand which is established by market research
Asset led marketing
Societal marketing
Based new products on the firms existing products and strengths. Such as Apple focusing on consumer electronics - not electric heating!
When marketing decisions are not only based on what the consumer wants but also what is good for society.