Business - marketting

Jonathan Rosenberg

Business Assessment Notes: HSC Topic 3 - Marketing

Nature and role of markets or marketing:

Role of marketing in firm or society:

Firm: creates sales, brand image. A market allows you to create awareness of your product and increase market share.

Society: Marketing creates jobs, products, services and tax to Government.

Types of Markets:

1.Resource market: factors of production - Land, labour, capital, enterprise.

2.Industrial market: manufacturing market. Organisations that buy the component parts to use in the production of another product.

3.Intermediate market: re-sellers/agents, wholesalers or retailers. They buy goods for purpose of reselling or renting out

4.Consumer market: final user of the product/service.

5.Mass market - large, broad markets. Eg: water, electricity.

6. Niche market: Small, very specific market. Eg: Mercedes rolls Royce.

The marketing concept:

The aim of marketing today is to have return customers and repeat purchases.

"±Relationship marketing

"±Customer Orientation

"±Build long-term relationships with customers to encourage loyalty

*Marketing in 1900-1930's was product based.

Industrial market segmentation

This Is Not the Target Market

English: A business ideally is continually seeking...

Focus was improving quality of product and reducing costs. Eg: Henry ford model T (one colour for everyone).

*Marketing then moved to selling orientation from 1930s to 1960s. increase in competition and an emphasis on making a sale. Salesmen paid a commission and heavy advertising and promotion.

*Today customer needs are considered and heavy emphasis on research. Safety, quality and environment are considered.

Marketing Planning Process:

Often Ricky Tries Sitting On the Street Eating

Organisation Research Target Market Situational Analysis Objectives Strategies Evaluate

Organisation:

"±Name of bus.

"±Location

"±Prime function*Basic introduction of bus.

"±Legal entity

"±Broad goals/objectives

Research:

"±Into market and environment

"±External influences:

oEconomic state (boom, recession...)

oGovernment - Monetary, regulations, grants...

oSociety: Demographics - Age Gender Nationality Education

oTechnological - Point of sale (POS) payments, CAM, CAD, Internet

oCompetition - State...