Marketing Function
- Marketing mix
- product
- price
- place
- promotion
- decisions about the marketing mix
- new technology
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- Created by: Eleanor_harvey
- Created on: 07-04-22 18:30
What is marketing ?
Marketing is the management process involved
in identifying, anticipating and satisfying
customer requirements profitably.
in identifying, anticipating and satisfying
customer requirements profitably.
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The activities included in marketing are...
1. researching the market
2. analysing the market
3. setting marketing goals
4. developing a marketing strategy
2. analysing the market
3. setting marketing goals
4. developing a marketing strategy
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What is Market orientation/ market led ?
when a business bases its marketing mix on its perception if what the market wants.
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Advantages and Disadvantages of market orientation
advantages - flexible to changes in taste and fashion, decisions based on effective market research, new products designed to meet customer needs.
disadvantages - high cost of understanding the market, constant change in market, unpredictable future.
disadvantages - high cost of understanding the market, constant change in market, unpredictable future.
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What is product orientation ?
When a business bases its products or sevices on its internal strenghths.
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Advantages and Disadvantages of product orientation
advantages - increased economies of scale, focus on product development, focus on quality
disadvantages- changes in market structure will not be responded to, fashion and taste are not considered.
disadvantages- changes in market structure will not be responded to, fashion and taste are not considered.
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What is Asset-led marketing ?
When marketing decisions are based on the
needs of the customerss and the businesses strenghths.
needs of the customerss and the businesses strenghths.
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Advantages and Disadvantages of
asset-led
asset-led
advantages - quality of output, strengths linked
to market needs.
disadvantage - fast pase consumer change
to market needs.
disadvantage - fast pase consumer change
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What is a product portfolio ?
The mix of goods or services the business produces and sells.
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Benefits of a product portfolio
Spreads fixed costs
Economies of scale
Target wider markets
Redces risk
Opportunities for growth
Economies of scale
Target wider markets
Redces risk
Opportunities for growth
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What is branding ?
A brand is a product that can be identified clearly by consumers and has value, properties or an image that seperates it from its competition.
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Advantages and Disavantages of branding
advantages: increased customer loyalty, seperates the product, increase PED, Increase value
disadvantages: high cost advertising, brands invite competition, high cost of R&D.
disadvantages: high cost advertising, brands invite competition, high cost of R&D.
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Whats a unique selling point (USP) ?
A product or service that has a feature that can be used to differenciate it from competitors.
(could be the result of a technical advantage like Dyson)
(could be the result of a technical advantage like Dyson)
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What is Product Differentiation ?
Making your products different to
competition e.g.
mathods of promotion
packaging
quality
form
competition e.g.
mathods of promotion
packaging
quality
form
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What is the product life cycle ?
A visual representation of the different stages a product or service will go through and the sales achieved at each stage.
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What are the stages of the product life cycle ?
Introduction: new to market, few customers know of existence
Growth: becoming more widely known and consumed
Maturity: product range may be extended, more competition
Saturation: very few customers are gained
Decline: sales fall fast and product range ma
Growth: becoming more widely known and consumed
Maturity: product range may be extended, more competition
Saturation: very few customers are gained
Decline: sales fall fast and product range ma
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What are extension strategies?
(using examples)
(using examples)
Used to extend the life cycle of a product
1. repositioning the product in the market
2. relaunching to a different segment
3. product development
1. repositioning the product in the market
2. relaunching to a different segment
3. product development
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What is the Boston Matrix ?
Allows the analysis of a business's products by deviding them into catagories comparing their market share and their market growth.
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What are the features of a
Cash Cow ?
Cash Cow ?
High market share and low market growth
Advertising is low
Brand has been established
Advertising is low
Brand has been established
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What are the features of a
Rising star ?
Rising star ?
High market share and High market growth
High competition
High revenue but High costs
High advertising
High competition
High revenue but High costs
High advertising
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What are the features of a
Problem Child ?
Problem Child ?
Low market share and high market growth
beaten by competition
should look at extension like a relaunch
beaten by competition
should look at extension like a relaunch
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What are the features of
Dogs ?
Dogs ?
Low market share and low growing market
Not worth spending money on extension strategies
Not worth spending money on extension strategies
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What is a price taker ?
Accepting the market price and having
no control over it.
no control over it.
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What is a Price maker ?
A business has control and the opportunities through pricing strategies to create their own prices
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Examples of market- orientated
pricing strategies
pricing strategies
Market skimming: charging a high price origionally than lower
Market Penetration: pricing a product at a low level than rising
Going rate pricing: price taking
Psychological pricing: prices set at level of the expected value e.g. £2.99
Market Penetration: pricing a product at a low level than rising
Going rate pricing: price taking
Psychological pricing: prices set at level of the expected value e.g. £2.99
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What is promotion ?
The atempt, through various forms of media, to draw attention to a product and thereby retain customers.
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What are the objectives of promotion ?
1. to provide customers with info
2. to increase sales and market share
3. establish a brand identity
4. establish a corporate image
2. to increase sales and market share
3. establish a brand identity
4. establish a corporate image
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What is above the line promotion ?
generally called advertising and is used to reach a mass audience, carried out through various independant media.
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What is below the line promotion ?
Below the line targets consumers directly
e.g.
personal selling
packaging
sales promotions
direct mailing
public relations
e.g.
personal selling
packaging
sales promotions
direct mailing
public relations
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Factors impacting on promotion
1. product differentiation
2. marketing budget available
3. stage in the product lifecycle
4. competitiors actions
2. marketing budget available
3. stage in the product lifecycle
4. competitiors actions
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What is meant by place ?
Place is about the marketplace where buyers and sellers meet and exchange payment in return for goods or services
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Why is place important ?
Place can be used to establish a brand identity e.g. in a high market outlet
Or in lots of different outlets to encourage high levels of consumption
Or in lots of different outlets to encourage high levels of consumption
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What are the methods of distribution ?
Using a wholesaler: braking the bulk to sell to retailers
manufacturer to retailer: no need for middleman as retailers buy in bulk
direct(manuafcturer to consumer): often internet sales
manufacturer to retailer: no need for middleman as retailers buy in bulk
direct(manuafcturer to consumer): often internet sales
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The importance of global marketing and global brands
brands that can make their products appealing to many diff countries benefit from significant marketing and economies of scale, global superstars can be used to promote a product, driving down costs.
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The 4ps in relation to Local markets
Allow for specific marketing tactics, adapting 4ps to local taste and incomes
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The 4ps in relation to global markets
promotion needs to be homogeneous, using the same ad with a different voiceover
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What is social media ?
Adverts aimed at demographics online, or using viral advertising - important as online entertainment is growing massively
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What is M-commerce ?
Buying and selling of goods and services through phones - can now reach consumers 24/7
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What is e- tailing ?
Online shopping which allows customers to directly buy from a seller over the internet - very cheap to run and easy to set up and be established
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Other cards in this set
Card 2
Front
The activities included in marketing are...
Back
1. researching the market
2. analysing the market
3. setting marketing goals
4. developing a marketing strategy
2. analysing the market
3. setting marketing goals
4. developing a marketing strategy
Card 3
Front
What is Market orientation/ market led ?
Back
Card 4
Front
Advantages and Disadvantages of market orientation
Back
Card 5
Front
What is product orientation ?
Back
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