Role of Marketing
This business function involves identifying, anticipating and satisfying customer needs and wants.
What is marketing?
A customer's personality, perception, motives and attitudes influence purchasing decisions through this factor.
What are psychological factors?
Strengths, weaknesses, opportunities and threats form this marketing analysis tool.
What is a SWOT analysis?
The name, symbol, logo or design used to identify a business's product.
What is branding?
Television commercials, online ads, billboards and social media advertisements are all examples of this element of the promotion mix.
What is advertising?
Dividing a total market into groups of customers with similar characteristics is known as this.
What is market segmentation?
A business focuses on making large quantities of a product as cheaply and efficiently as possible, assuming customers will buy what it produces.
What is the production approach?
Family, social class, culture and peer groups influence customer choice through this factor.
What are sociocultural factors?
Introduction, growth, maturity and decline are the four stages of this marketing concept.
What is the product life cycle?
A new gaming console is launched at a very high price before its price is gradually reduced as competitors enter the market.
What is price skimming?
A salesperson develops an ongoing connection with customers to encourage loyalty and repeat purchases.
What is relationship marketing?
A business attempts to make consumers perceive its product as different from competing products.
What is product differentiation?
A business uses aggressive advertising and sales techniques to convince customers to purchase products it has already produced.
What is the selling approach?
A business advertisement makes a false claim about what its product can do.
What is deceptive and misleading advertising?
Surveys, interviews, focus groups and analysis of existing data may be undertaken during this stage of the marketing process.
What is market research?
A new streaming service launches at an extremely low subscription price to quickly attract customers and gain market share.
What is penetration pricing?
A famous athlete recommends a particular brand of running shoes and influences their followers' purchasing decisions.
What is an opinion leader?
Staff friendliness and knowledge are particularly important for a hotel because of this additional element of the marketing mix.
What are people?
A business researches customer needs first and then designs products to satisfy those needs.
What is the marketing approach?
A salesperson pretends to conduct a survey but is actually trying to arrange a sales appointment.
What is sugging?
A business decides that its new product will be aimed specifically at Australian teenagers aged 13–18.
What is identifying the target market?
A supermarket sells milk below cost hoping customers will also purchase other profitable products while in the store.
What is a loss leader?
A soft drink company wants its products available in supermarkets, convenience stores, petrol stations, restaurants and vending machines.
What is intensive distribution?
A fast-food business uses the same logo and brand name worldwide but changes its menu to suit tastes in different countries.
What are global branding and customisation?
A mining company selling iron ore to a steel manufacturer operates in this type of market.
What is the resource market?
An advertisement may technically be legal, but deliberately exaggerates information and uses offensive imagery. These THREE ethical marketing considerations are potentially involved.
What are truth, accuracy and good taste in advertising?
A business predicted sales revenue of $2 million but achieved only $1.4 million. Management investigates the difference and changes its promotional campaign.
Identify the TWO marketing process activities occurring.
What are comparing actual and planned results and revising the marketing strategy?
One business calculates its price by adding a percentage markup to production expenses. Another sets its price primarily by examining what rival businesses charge. Name the TWO pricing methods.
What are cost-based pricing and competition-based pricing?
A luxury fashion brand permits only one authorised retailer in each major city to sell its products.
What is exclusive distribution?
A multinational sells essentially the same product, using the same branding and promotional approach, across numerous countries to reduce costs and create a consistent worldwide image.
What is standardisation?