4.1 Introduction to marketing. Process of identifying, anticipating and satisfying
↳
customers
the needs of in
mutually beneficial
exchange process
->
understanding customer needs marketing objectives
-> developing the right products market orientation the set for marketing function.
targets
->
setting the right price
·
Business that bases its decisions an & sales targets -
specific targets, products
->
promoting distributing products customers' needs. 8 market share -
maintaining sales when
·
ensure that the product/service the market
declining is positive.
Importance of marketing provides matches its customer needs.
it & brand awareness -
increase people's quereness.
& customers' needs change overtime done via marketresearch to
& business environment can change identify the level of sales. caparate objectives
& competitions enter the market i targetsetfor the business as a wide.
their own offerings crientation
product the marketing objectives will be linked to the
④ a firm's own strengths change ·
focuses more on what it can produce averall objectives.
effects:customers came back, buy more
very risky approach eg. if the business has an objective of growth,
customers tell their friends to try work it customer has limited choice the
can
marketing department may increase
customers willing to try new products sales.
customers become loyal to the product
eg. if the caparate objective is to boost the
profits the business, the marketing team
of
COMPARISON might focus on sales.
market crientation productaientation
cutter cutward looking inward looking
focus on customers focus on the business
essential in a competetive marketmay be successful if itpetition
invest in market research may invest in ready to innorate
, market share marketGrowth
a business measures its sales as a measures the rate at which manetas a
percentage of the total market sales whole is growing over a given time period.
market
sales/product
X 10
market current sales-last year's
- xId
shave total market sales growth last year's
positive -> market
getting bigger
leader
market negative
-
market
getting smaller
productwith the highest market
share.
Questions and Answers.
Importance ofmarketshare (leadership 1. A reason why a business would want to achieve high market share.
& shows it is competetive relative
& may bring more recognition 2.
How the sales of a business could be falling but the market share rising.
③ economies of scale
to
④ make it hard to others enter market. . Two factors that might infinence the
marketing objectives.
Implications of changes in market shave 4. Importance ofthe marketing function to the success of the business.
if the market remains the same size or
growing, there's increase market shave
it the marketi s declining, the market
shave could be increasing even if
sales are falling.
↳
customers
the needs of in
mutually beneficial
exchange process
->
understanding customer needs marketing objectives
-> developing the right products market orientation the set for marketing function.
targets
->
setting the right price
·
Business that bases its decisions an & sales targets -
specific targets, products
->
promoting distributing products customers' needs. 8 market share -
maintaining sales when
·
ensure that the product/service the market
declining is positive.
Importance of marketing provides matches its customer needs.
it & brand awareness -
increase people's quereness.
& customers' needs change overtime done via marketresearch to
& business environment can change identify the level of sales. caparate objectives
& competitions enter the market i targetsetfor the business as a wide.
their own offerings crientation
product the marketing objectives will be linked to the
④ a firm's own strengths change ·
focuses more on what it can produce averall objectives.
effects:customers came back, buy more
very risky approach eg. if the business has an objective of growth,
customers tell their friends to try work it customer has limited choice the
can
marketing department may increase
customers willing to try new products sales.
customers become loyal to the product
eg. if the caparate objective is to boost the
profits the business, the marketing team
of
COMPARISON might focus on sales.
market crientation productaientation
cutter cutward looking inward looking
focus on customers focus on the business
essential in a competetive marketmay be successful if itpetition
invest in market research may invest in ready to innorate
, market share marketGrowth
a business measures its sales as a measures the rate at which manetas a
percentage of the total market sales whole is growing over a given time period.
market
sales/product
X 10
market current sales-last year's
- xId
shave total market sales growth last year's
positive -> market
getting bigger
leader
market negative
-
market
getting smaller
productwith the highest market
share.
Questions and Answers.
Importance ofmarketshare (leadership 1. A reason why a business would want to achieve high market share.
& shows it is competetive relative
& may bring more recognition 2.
How the sales of a business could be falling but the market share rising.
③ economies of scale
to
④ make it hard to others enter market. . Two factors that might infinence the
marketing objectives.
Implications of changes in market shave 4. Importance ofthe marketing function to the success of the business.
if the market remains the same size or
growing, there's increase market shave
it the marketi s declining, the market
shave could be increasing even if
sales are falling.
