Marketing

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  • Created by: hed08joyk
  • Created on: 03-02-14 20:59
What is marketing
Identifying customer demand, satisfying customer demand, making a profit
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Customer orientation
Where a firm considers what a market wants before trying to produce it
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Product orientation
Where a firm produces a product and then tries to convince the public that they need it
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(4 main areas )relationships between marketing and other functions
Accounting and finance, marketing, people(HRM), production(operations management)
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Accounting and finance
Key point of financial department Is to control costs, conflicts with marketing because promotion is expensive, market research is also costly and is a role of marketing
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People (HRM)
Marketing aims to increase demand, which leads to employing staff or overtime (costly), reduction in demand means reduction in staff, HRM like stability
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Production (operations management)
Vital for production and marketing to work together, production makes the profit and marketing spends the money made,
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Bullet points on accounting and finance
Records financial transactions, monitors cash and profit, aids planning, budgetary control of the business
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Bullet points on marketing
Determines what the market wants, develops a strategy to coordinate price, product, promotion and distribution (marketing mix)
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Bullet points on people (HRM)
Anticipates future labour requirements, considers the skills mix of the workforce, recruitment/selection/dismissal, training of existing and new staff, motivation of workforce
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Bullet points on production (operations management)
Determines the size of the production unit, manages stock, maintains quality, maintains efficiency, produces goods
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Other cards in this set

Card 2

Front

Customer orientation

Back

Where a firm considers what a market wants before trying to produce it

Card 3

Front

Product orientation

Back

Preview of the front of card 3

Card 4

Front

(4 main areas )relationships between marketing and other functions

Back

Preview of the front of card 4

Card 5

Front

Accounting and finance

Back

Preview of the front of card 5
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