1. Unit Five
MARKETING
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2. Marketing Main functional area of the organisation.
The importance of this dept will depend upon the size and type of organisation.
Main strategic areas of the business
Successfulness of marketing will influence how successful your business is.
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3. A Market
Place where buyers and sellers meet to exchange goods and services for money.
Allows sellers to quickly find out what buyers want and need as they can meet face to face and discuss.
Large companies don’t normally meet customers face to face therefore to find out what customers want they need to market goods.
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4. What is Marketing?
Communication between producer and consumer who under normal circumstances would never meet.
Process involved in identifying, anticipating and satisfying consumer requirements by still creating a profit.
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5. Identifying What does the consumer want in terms of:
Price
Features
Quality
Colours
Delivery
Packaging
Service
Involves communicating with the consumer to meet their needs.
If an org. identifies correctly a sale will be successful.
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6. Anticipating Products take a no. of years to develop.
Businesses have to anticipate what consumers will want in 1, 2 or 5 years time.
Involves communicating with the consumer.
Most occasions consumers are totally unaware of what they want in the future.
E.g. 5 years ago, no-one would have guessed that teenagers would want mobile phones, but the mobile phones companies did.
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7. Satisfying The business must produce:
the right product
at the right price
at the right time.
Otherwise the customer will buy a competitors product.
With alternatives available it is essential you do not get it wrong or you will lose sales.
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8. Strategic Decisions Usually involve marketing.
Referred to as a Strategic Activity.
Example: to increase market share (Strategic objective/decision) you have to get customers to buy more of your product and less of your competitors.
Marketing is that activity which achieves this.
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