Marketing Principles - Revision

Marketing Principles - Revision

What we will cover:

• Learning aim A the role of marketing within businesses

• Learning aim B how businesses use market research to make marketing decisions

• Learning aim C explore the use of the marketing mix

Learning aim A

The role of marketing within businesses

Open Ended

Please define of Marketing in your own words

Marketing is:

The action or business of promoting and selling products or services, including market research and advertising.

Multiple Select

Purpose and use of Marketing

Why is marketing important to businesses?

Click on the benefits you think apply (multiple option):

• To lose reputation

• Gain market share

• Develop brand awareness

• Encourage customer loyalty

Purpose and use of marketing

• Gain market share

• Develop brand awareness

• Encourage customer loyalty

Open Ended

How would you encourage customer loyalty?

How businesses use marketing, including:

• To keep ahead of competitors

• To understand customer needs

• To communicate effectively with the public

• To increase sales and profitability

Open Ended

What could happen if a business does not communicate effectively with the public?

The contribution of marketing to the achievement of corporate objectives

Marketing objectives help to set out what a business wants to achieve from its marketing activities.

Businesses need to be consistent with the overall aims and objectives of the business. They also provide an important focus for the marketing team.

Open Ended

Which big company's corporate objective could this be?

To refresh the world, inspire moments of optimism and happiness and. Create value and make a difference in the place that we all live in.

Coca Cola

Open Ended

What does SMART stand for?

Open Ended

How might SMART Objectives help a business within marketing?

Open Ended

Please can you name two types of marketing?

Business to Business (B2B)

As the name suggests, business-to-business marketing refers to the marketing of products or services to other businesses and organizations.

Business to Consumer (B2C)

Business-to-consumer marketing, or B2C marketing, refers to the tactics and strategies in which a company promotes its products and services to individual people: creating, advertising, and selling products for customers to use in their everyday lives.

Business Orientation

Business leaders are faced with numerous decisions every day. ... The way a company approaches its strategies for success is called it's business orientation.

There are four types of company orientation and strategic planning that help define a business. The four are production, product, marketing and sales orientation.

Open Ended

Please name of of the four types of business Orientation:

Open Ended

What is the difference between Customer and Consumer?

Difference between Goods and Services Market

Goods are the material items that the customers are ready to purchase for a price. Services are the amenities, benefits or facilities provided by the other persons. 

Goods are tangible items i.e. they can be seen or touched whereas services are intangible items.

Difference between Capital and Consumer Goods

Capital goods are goods used by one business to help another business produce consumer goods. Consumer goods are used by consumers and have no future productive use. Capital goods include items like buildings, machinery and tools. Examples of consumer goods include food, appliances, clothing and automobiles.

Open Ended

Can you define a Niche market?

Niche Market

A small, specialized market for a particular product or service.

Open Ended

Can you define a Mass Market?

Mass Market

The market for goods that are produced in large quantities.

Business Model

A plan for the successful operation of a business, identifying sources of revenue, the intended customer base, products, and details of financing.

Different types of business model including

Marketing,

Sales and advertising

Open Ended

Why is it important for a business to design a distinctive brand?

Open Ended

What makes a brand distinctive?

Open Ended

Can you name some brands that really stand out and why?

Learning aim B

How businesses use market research to make

marketing decisions

Open Ended

What types of market research are there?

Open Ended

Why is Market Research Important?

Open Ended

What would happen if a business didn't do market research?

Learning aim C:

Explore the use of the marketing mix

Open Ended

What are the 4 Ps of the Marketing Mix?

Product, including:

• Core and augmented product

• Unique Selling Point (USP)

• Stages of the product life cycle – development, introduction, growth, maturity, decline

• Product portfolios and the implications to businesses of maintaining them

Open Ended

What strategies come to mind when you think of Price?

Open Ended

What should a business think of when it comes to Place?

Open Ended

Why is promotion important?

Open Ended

What are the Factors affecting the marketing mix?