The Marketing Function
- Created by: lineventer
- Created on: 26-11-18 10:22
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- The Marketing Function
- Definition
- Process of determining the needs and wants of consumers and being able to deliver products that satisfy those needs and wants
- Four main factors that influence the marketing of product/ service
- Product or service being sold, Price, Place where product offered for sale and the way the business Promotes the product or service
- The Role of Marketing Function
- Business must be certain idea will satisfy consumer needs and it changes yearly- done through market research
- Publicity is indirect marketing not in control of business. Sales promotion- sample distributed in store or magazine or a 2 for 1
- Advertising communicate about the uniqueness and benefits of product through verbal and visual stimulation (raidio, tv, magazines and newspapers)
- Publicity is indirect marketing not in control of business. Sales promotion- sample distributed in store or magazine or a 2 for 1
- Identify trends and expect them before they happen and act. A business will be successful with a good marketing strategy and providing for consumer needs and preferences beforehand
- Similar product created after market research. Consumers use and test and give feedback to marketing department. Final decision to product manufacturing made
- Packaging: protects product, provides space for info, promotes product or service. This leads to success or failure of business (purchasing happens on looks)
- Traditional distribution channel: producer, wholesaler, retailer and consumer. Others involve- buying/selling agents (used for international product)
- Marketing finance and purchasing department determine price. Selling price higher than cost price look at similar products. Don't sell decrease price or not sell product
- Business must be certain idea will satisfy consumer needs and it changes yearly- done through market research
- Definition
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