Business Functions - marketing

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  • Business Functions--> Marketing
    • What is marketing?
      • Packaging
      • Sales
      • Billboards
      • Advertising
      • Branding
      • Branding
      • Promotion
    • Marketing process
      • 1) Identify target market
      • 2) Position the producer(s) in the market
      • 3) Decide on the marketing mix four P's (product, place, price, promotion)
    • Types of marketing objectives
      • 1) Survival
      • 2) Market share
      • 3) Marketing positioning
      • 4) Create/ maintain
      • 5) Innovation/ increase in product range
    • The purpose of marketing
      • Indentify customers' needs through market research
      • Anticipating their wants through market analysis
      • Satisfying their requirements profitably through the marketing mix: product, place, price and promotion
    • Market analysis
      • Market segmentation
        • A method of analysing the marketing and dividing the market subsections of customer needs
      • Customer orientated vs product orientated marketing
        • Customer orientated marketing takes the needs of the cusomtersinto account
        • Product orientated marketing is characterised by - hard sell with a large field sales force, cutting costs and prices
    • Market share and growth
      • Market size can be measured by volume and value
      • Market share = sales/ market size x 100
    • Niche marketing
      • Targeting a product of service at a small segment of a larger market
        • Higher prices, low sales volume
      • Advantages - less competition, easy to target customers
      • Disadvantages - lower profit
    • Mass marketing
      • Aiming a product at all of the market
        • Lower prices, high sales volume
      • Advantages - high revenue and profit, high start up costs
      • Disadvantages - high capital costs, vulnerable to low cost competition and chafes in demand

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