Business Studies - Marketing

35 Pages • Complete Study Notes • Year: Pre-2021

Marketing 1. Role of Marketing ¬ Strategic role of marketing goods and services • Marketing: process of developing a product and implementing a series of strategies aimed at pricing, promoting, distributing the product to customers to satisfy objectives • Strategic role of marketing: o Translate goals into reality o Contributing to the strategic plan of the business o Adapt the business to changing environment • Four main features of marketing o Range of activities o Directed at a wide range of goods, services and ideas o Importance of satisfying change o Not limited to the activities of businesses The Marketing Plan • Marketing plan: document that lists activities aimed at achieving marketing outcomes in relation to goods and services • It should be the focus for long- term and short-term planning because: 1. It outlines strategies to bring the buyer and seller together. Business needs to be able to identify: o Where the market is o Who will buy the product o Why they will buy the product o How often they will buy the product 2. Satisfying existing customer wants leads to repeat sales 3. Marketing is the revenue generating. No sale no achievement • Role of marketing plan o Make sure customer base is created and maintained CASE STUDY: QANTAS Qantas’ marketing plan and strategies are effective because: • Have allowed QANTAS to achieve its business goals • Marketing plan and strategies are very comprehensive • QANTAS is customer oriented • Marketing plan gives the business direction and helps manage a changing environment • Encourage new product development • Create more distribution outlets • Focus on market research • NOTE: profitability fall in 2012 – market strategies of QANTAS have been less effective

This document is 25 Exchange Credits