Marketing

Marketing

1. Role

   • Connect business to customers

2. Marketing strategies: 7 Ps

   • product
   • price
   • promotion
   • placement
   • people
   • processes
   • physical evidence
   • must be effective
     • appeal to target market
     • achieve marketing objectives
     • be appropriate to stage of product life cycle
     • provide sustainable competitive advantage

3. Orientation

   • marketing
     • identify needs and wants
       • product and price
   • selling
     • create a need
       • main criticism of marketing
   • production
     • develop a cheap product

4. Types of markets

   • resource
     • land
     • labour
     • capital
     • enterprise
   • industrial
   • intermediate
   • consumer
   • mass
   • niche

5. Influences on consumer choice

   • psychological
   • socio-cultural
   • economic
   • government restrictions

6. Legal influences on marketing

   • Competition and Consumer Act 2010
     • ACCC
       • enforces the law
   • legal terms
     • deceptive and misleading advertising
     • price discrimination

7. Development of new marketing tools/strategies

   • inexpensive
   • pop-up ads on computer
   • notifications on smart phone apps

8. Ethical Issues

   • good taste in advertising
   • products that may damage health
   • fair competition
   • sugging
     • selling under the guise of research
   • "green marketing"
   • children

9. Marketing process

   • steps used to develop, implement, monitor, review the marketing plan

10. Marketing plan

    • research identifies
      • strengths & weaknesses of product and marketing strategies
      • threats & opportunities
      • stage of product life cycle
      • market trends
      • features of target market
      • competitors
      • external factors
      • internal influences

11. Monitoring & evaluating the plan

    • sales, profit, stock data collected
    • surveys
    • analyse the data
    • determine why plan successful or not