Marketing

Marketing

Role
1. Connect business to customers
Marketing strategies: 7 Ps
1. product
2. price
3. promotion
4. placement
5. people
6. processes
7. physical evidence
8. must be effective
  1. appeal to target market
  2. achieve marketing objectives
  3. be appropriate to stage of product life cycle
  4. provide sustainable competitive advantage
Orientation
1. marketing
  1. identify needs and wants
    1. product and price
2. selling
  1. create a need
    1. main criticism of marketing
3. production
  1. develop a cheap product
Types of markets
1. resource
  1. land
  2. labour
  3. capital
  4. enterprise
2. industrial
3. intermediate
4. consumer
5. mass
6. niche
Influences on consumer choice
1. psychological
2. socio-cultural
3. economic
4. government restrictions
Legal influences on marketing
1. Competition and Consumer Act 2010
  1. ACCC
    1. enforces the law
2. legal terms
  1. deceptive and misleading advertising
  2. price discrimination
Development of new marketing tools/strategies
1. inexpensive
2. pop-up ads on computer
3. notifications on smart phone apps
Ethical Issues
1. good taste in advertising
2. products that may damage health
3. fair competition
4. sugging
  1. selling under the guise of research
5. "green marketing"
6. children
Marketing process
1. steps used to develop, implement, monitor, review the marketing plan
Marketing plan
1. research identifies
  1. strengths & weaknesses of product and marketing strategies
  2. threats & opportunities
  3. stage of product life cycle
  4. market trends
  5. features of target market
  6. competitors
  7. external factors
  8. internal influences
Monitoring & evaluating the plan
1. sales, profit, stock data collected
2. surveys
3. analyse the data
4. determine why plan successful or not

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