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Questions and Answers
What are the 4 P's of marketing?
What is the main goal of business according to the text?
What type of activities does selling involve?
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?
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What role does marketing play in providing customers with choice?
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What does brand awareness refer to?
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How does increasing market share relate to competition?
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In what way do operations and marketing work together?
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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?
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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.
