Question-   Role of Marketing In Business

Solution-

BUSINESS NOTES: MARKETING

The process of developing a product and implementing a series of strategies aimed at correctly promoting, pricing and distributing the product to a core group of customers.

 

Role of marketing

  • Choice: business differentiate themselves from their competitors through price, product quality and features, and service. All of these provide consumers with greater choice when purchasing.
  • Standard of living: businesses will often develop and market products that improve and enhance standard of living
  • Employment: to provide a product to consumers, businesses must employ labour to assist in transformed input resources into finished products. Labour is also required to sell these goods and services.
  • Brand awareness: refers to the extent that customers are aware of a product (brand and its features)
  • Market share: businesses will attempt to develop, promote and price products to a standard that will give the organization more customers than its competitors.

 

Approaches to marketing

  • Production approach: relies on the view that consumers base their purchasing decisions on the quality of the product
  • Selling approach: based on the belief that a business will be successful in selling a product if it is able to promote the benefits of the product to its target market
  • Marketing approach: the basis of which is that the consumer is at the core of all business activities. It involves adopting a customer orientation with the belief that all actions in the business should be aimed at satisfying the needs of the customers.

 

Consumer markets

  • Mass market: apply to goods and services that appeal to all types of consumers
  • Market segments: where a business chooses to focus on only one area of particular market
  • Niche markets: a smaller section of a market segment

 

Types of markets

  • Industrial markets: markets in which goods that are used as supplies in the production process are traded
  • Resource markets: markets in which the production and sale of raw materials occur
  • Intermediate markets: markets in which retail businesses purchase products that have been produced by other organisations (wholesalers).

 

Role of marketing

Factors influencing customer choice

  • Psychological factors: are the personal characteristics of individuals that influence their behavior. These factors relate to the way people think and develop attitudes to certain products. It includes a consumer’s understanding of a product and what motivates the consumer to purchase particular products.
  • Economic factors: relate to an individual’s level of income and ability to access credit.
  • Sociocultural factors: that influence a customer’s choices are those that come from the customer’s society and culture, such as where they live and their religious beliefs.
  • Government factors: have an important role in influencing the goods and services that consumers purchase.

 

Fiscal policy:government actions (the use of taxation and expenditure) that are intended to influence the level of economic activity in Australia.

Monetary policy:is used by the Reserve Bank of Australia to influence the level of interest rates in the Australian economy.

Microeconomic reform:policies developed by the government to promote greater competition within a particular industry

 

Consumer laws

  • Competition and Consumer Act 2010 (Cth):
  • Businesses are prohibited from engaging in deceptive or misleading conduct
  • This extends to conduct in the area of marketing, such as advertising, sales promotions and discounts
  • Price discrimination refers to the process of a business giving preference to some retail stores by providing them with stock at lower prices than is paid by the retailers’ competitors.
  • Implied conditions and warranties ensure that a product is sold in full working condition and is consistent with the description given.
  • Resale price maintenance ensures a manufacturer cannot refuse to sell goods to a retailer who decides not to sell the good at the price that is suggested by the manufacturer.
  • Marketers are expected to engage in fair and honest behavior when developing a marketing campaign. It is expected that when promotional material is distributed, this material represents information that is truthful and accurate.

 

 

 

 

 

 

Maslow hierarchy of needs

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