topic 2 marketing
Chapter 6: marketing
Marketing
Marketing is the process of developing a product and implementing a series of strategies aimed at correctly promoting, pricing and distributing the product to a core group of customers.
The purpose of this is to determine what the business should be producing.
Marketing is used primarily by a business as a method of enhancing its revenue streams and increasing the market’s awareness of its products.
The strategic role of marketing
The strategic role of marketing extends also to society which includes:
Choice- Businesses differentiate themselves from their competitors through price, product quality and features and service. All these provide consumers with greater choice when purchasing a product.
Standard of living- Businesses will often develop and market products that improve and enhance standard of living. To provide consumers with better products.
Employment- To provide a product to consumers, businesses must employ labour to assist in transforming input resources into finished products. Labour is also required to sell these goods and services.
Brand awareness- Brand awareness refers to the extent that customers are aware of a product/ brand and its features. It is achieved through strong and effective marketing campaigns.
All of this is done to increase the market share. Market share refers to the percentage of total sales a business has compared with its competitors in a particular market. It increases the business’s sales and profitability.
Interdependence with other key functions
Each key business function must work effectively with other functions to ensure the goals of the business are achieved.
Operation relates with marketing as it needs the data from marketing to know what to produce
Human resources relates with marketing as staff must be motivated and skilled to develop products. It is through the marketing process that a business is able to determine the skills needed.
Accounting and finance relates with
Marketing
Marketing is the process of developing a product and implementing a series of strategies aimed at correctly promoting, pricing and distributing the product to a core group of customers.
The purpose of this is to determine what the business should be producing.
Marketing is used primarily by a business as a method of enhancing its revenue streams and increasing the market’s awareness of its products.
The strategic role of marketing
The strategic role of marketing extends also to society which includes:
Choice- Businesses differentiate themselves from their competitors through price, product quality and features and service. All these provide consumers with greater choice when purchasing a product.
Standard of living- Businesses will often develop and market products that improve and enhance standard of living. To provide consumers with better products.
Employment- To provide a product to consumers, businesses must employ labour to assist in transforming input resources into finished products. Labour is also required to sell these goods and services.
Brand awareness- Brand awareness refers to the extent that customers are aware of a product/ brand and its features. It is achieved through strong and effective marketing campaigns.
All of this is done to increase the market share. Market share refers to the percentage of total sales a business has compared with its competitors in a particular market. It increases the business’s sales and profitability.
Interdependence with other key functions
Each key business function must work effectively with other functions to ensure the goals of the business are achieved.
Operation relates with marketing as it needs the data from marketing to know what to produce
Human resources relates with marketing as staff must be motivated and skilled to develop products. It is through the marketing process that a business is able to determine the skills needed.
Accounting and finance relates with