Hsc: Business Studies Marketing Notes Essay

1460 words - 6 pages

The nature and role of marketingMarketing: A total system of activities designed to plan, price, promote and place (Distribute) products to present and potential customersRole of marketing· Find out what customers want and then attempt to satisfy their needs· Bring together the buyer and the seller· Generate revenue for their businessCustomer based market VS Product based marketingFind the customers Create productThen create the product Then attract the customersType of MarketMarketing plans and strategies vary depending on the intended market.Resource Market: produce a wide range of raw materials to customers such as agricultural firms.Industrial Market: produce partly processed raw materials and assembled items to secondary and tertiary firms.Intermediate Market: After a making a product producer sells it on the intermediate market to a retailer or wholesaler. It is a stage along distribution chain from producer to consumer.Consumer Market: Is the biggest market where individuals and households buy finished products from "middle men" such as retailers. Producers and sellers studying purchasing habits of consumers to satisfy them and in turn make a profit.Mass Market: Deal with products for which there is a great demand. These are standard, undifferentiated products such as fruit and vegetables, meat and petrol.Niche Market: These are small target markets, which are lower in volume but higher in value. Services such as web page design and products like imported cars focus on the particularly important needs of individuals and businesses.The Marketing ConceptInvolves all of the business's activities, which aim at achieving customer satisfaction. This can be accomplished through:1. Customer orientation: The focus is producing products and services to satisfy consumer's particular needs. Thus marketing decisions and practices are based on customers needs.2. Relationship marketing: developing long-term relationships and maintaining links with customers to create customer loyalty. This can be performed by proactive approaches such as regular phone calls, appreciated towards the customer and assistance, which brings customer and seller to a personal level.The Market Planning ProcessDetermining Marketing opportunitiesAnalyse through:· Market research· Observing market typesSelecting the target marketChoosing and studying:· Market potential· Market Segmentation· Targeting and positioningResearch the marketing mix (4 P's)· Researching and designing the product· Setting the price of the product· Placing the product· Promoting the productManaging the marketing process· Planning, implementing, organising and controlling, and evaluating marketing initiatives· Continuing market research- Monitoring consumer responses and analysing market position - Monitoring sales, revenue, market share, competitorsThe element of a Marketing PlanStep 1 Situation AnalysisThe...

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