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Marketing Topic, Complete Business Studies Notes
Business Studies
19 Pages • Complete Study Notes • Year: Pre-2021
Complete marketing topic, business studies notes. Cover entire topics content including: Role of Marketing • Strategic role of marketing goods and services • Production approach, selling approach, marketing approach • Types of markets - resource, intermediate, industrial, mass, consumer, niche • Interdependence with other key business function Influences • Factors influencing consumer choice - psychological, sociocultural, government, economic • Consumer laws - deceptive and misleading advertising, warranties, implied conditions, price discrimination • Ethical - truth, accuracy and good taste in advertising, products that may damage health, engaging in fair competing, sugging Marketing Processes • Situational Analysis - SWOT, product life cycle • Market research • Establishing market objectives • Identifying target market • Developing a marketing strategy • Implantation, monitoring, controlling - developing a financial forecast, comparing actual vs. planned results, revising the marketing strategy Operations Processes • Market segmentation, product and service differentiation, positioning • Product - branding - packaging - goods and services • Price - cost-based, competition based, market based - pricing strategies - price points, price penetration, loss leader, price skimming - cost & quality interaction • Place - distribution channels - channel choice - intensive, selective, exclusive - physical distribution issues - warehousing, transport, inventory • Promotion - elements of the marketing mix - advertising, personal selling and relationship marketing, sales promotions, publicity and public relations - the communication process - word of mouth, opinion leaders
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