The Marketing Function

View mindmap
  • 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)
      • 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


No comments have yet been made

Similar Business Studies & Economics resources:

See all Business Studies & Economics resources »See all Marketing Function resources »