Marketing Revision Part 1

The strategic role of marketing is....

• Is to reach as many consumers as possible

• work to meet some of the business long term goals

• To maximise profits

• To translate the businesses profit maximising goals into reality

What is marketing?

• To advertise goods to draw in new consumers

• the process of planning, executing and promoting ideas, goods and services to create exchanges that satisfy individuals

• The business processes that involve transformation or production

• the conversion of inputs into outputs

What is a marketing plan?

• a comprehensive picture of your current finances, your financial goals and any strategies you've set to achieve those goals.

• an extremely detail-oriented plan that clearly defines how a team or department contributes to reaching company goals.

• the continuous process of systematic planning ahead to achieve optimum use of an organisation's most valuable asset—quality employees.

• a document that lists activities aimed at achieving particular marketing outcomes in relation to goods or services.

This is showing the interdependence of which two key business functions?

"A business needs to acquire sufficient funds to undertake a new campaign for their new line of bed socks"

• Finance and Operations

• Finance and Marketing

• Operations and Marketing

• Marketing and HR

The 'marketing approach' was different from previous approaches because...

• It focused on finding out what the customers want, through market research, to satisfy their needs, being customer orientated.

• It emphasised selling because of increased competition

• It focused on businesses producing mass goods and services

• It focused on the creating of an assembly line

(a)   marketing is the development of long-term and cost effective ties with individual customers

Which of these is NOT a type of market?

• Resource

• Niche

• Industrial

• Corporate

McDonald's is a retail business selling goods for individual consumption. It is part of WHICH market?

• Intermediate

• Consumer

• Mass

• Niche

Select ALL of the correct influences on marketing

• Economic and goverment

• Price discrimination Warranties

• Common law redress and workers compensation

• Living standards and Anti-discrimination

• Sugging and fair competition

(a)   factors are influences within an individual that affect his or her buying behaviour.