Podcast
Questions and Answers
What are the 4 P's of marketing?
What are the 4 P's of marketing?
What is the main goal of business according to the text?
What is the main goal of business according to the text?
What type of activities does selling involve?
What type of activities does selling involve?
What does advertising aim to do according to the text?
What does advertising aim to do according to the text?
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Why is an organized marketing campaign necessary according to the text?
Why is an organized marketing campaign necessary according to the text?
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What role does marketing play in providing customers with choice?
What role does marketing play in providing customers with choice?
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What does brand awareness refer to?
What does brand awareness refer to?
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How does increasing market share relate to competition?
How does increasing market share relate to competition?
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In what way do operations and marketing work together?
In what way do operations and marketing work together?
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How does finance contribute to marketing at Qantas?
How does finance contribute to marketing at Qantas?
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What is the role of human resources in relation to marketing at Qantas?
What is the role of human resources in relation to marketing at Qantas?
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How does improved standard of living relate to quality products?
How does improved standard of living relate to quality products?
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Study Notes
Marketing Strategy
- Choice can be achieved through price, product, quality, and reputation.
- Improved standard of living can be achieved through marketing, which provides improved features and products, resulting in a better quality of life for consumers.
Benefits of Marketing
- Marketing improves employment by creating job opportunities, which become a source of income for individuals.
- Income earned from marketing can be spent on consumer goods, boosting the economy.
Brand Awareness
- Brand awareness refers to the extent to which consumers are aware of a product's existence.
- Strong brand awareness allows a brand to remain in the mind of consumers for longer, increasing the chances of purchase.
Market Share
- Market share refers to the percentage of total sales a business has within a particular market compared to its competition.
- Increasing market share is a key goal of marketing strategies.
Interdependence with Other Business Functions
- Marketing gathers information and data on consumer needs, which is used by operations to design and manufacture products.
- Operations may impose constraints on marketing, such as physical limitations and implementation of new initiatives.
- Finance assesses the financial viability of marketing campaigns and provides budgets and forecasts for marketing to follow.
- Human Resources is crucial in hiring, developing, and training suitable employees for marketing roles.
Case Study: Qantas
- Qantas relies on marketing to generate funds, as marketing strategies are often expensive.
- Marketing strategies are used to boost sales during non-peak times and manage fluctuations in demand.
- The effectiveness of marketing strategies is assessed using financial criteria such as sales, market share, and profitability analysis.
Role of Marketing
- Marketing is the process of developing a product and implementing strategies to promote, price, and distribute the product to a target group of customers.
- Marketing involves a total system of interacting activities designed to plan, price, promote, and distribute products to present and potential customers.
Marketing Mix
- The 4 Ps of marketing are product, place, promotion, and price.
- Selling is a set of activities undertaken to assist customers' buying decisions.
- Advertising is a promotion strategy used to attract potential customers.
Strategic Role of Marketing
- The overarching goal of business is profit maximization, and marketing plays a strategic role in achieving this goal.
- Marketing develops a combination of strategies to maximize sales, increase brand awareness, and improve customer satisfaction.
- An organized marketing campaign is necessary to develop customer awareness and demand, and to form a customer base.
Marketing Plan
- A marketing plan outlines the strategies to be used to bring the buyer and seller together.
- The business needs to identify the market, target customers, and their needs, as well as the frequency of purchase.
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Description
Test your knowledge on the roles of marketing, selling, and advertising in the process of developing and promoting products to customers. Explore concepts such as the 4 P's of marketing, salesperson activities, and advertising strategies.
