Marketing, Selling, and Advertising Quiz

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.