Business Studies Marketing Notes
Marketing
Marketing is a total system of interacting activities designed to plan, price, promote and distribute products to present and potential customers
Role of marketing • Strategic role of marketing goods and services
A common goal in business is profit maximisation. The strategic role of marketing is to translate this into a reality. The business will look to how it can increase its sales, and that means there will be an increase in profits.
The marketing plan helps show strategies in how profits can be achieved in the short-term, and in the long-term. o Marketing plan is a document that lists activities aimed at achieving particular marketing outcomes in relation to goods or services. The plan provides a template for future action aimed at reaching business goals, such as profit maximisation.
• Interdependence with other key business functions
Businesses now use the customer-orientated approach which has significantly changed the role of marketing and the need to develop a marketing concept. Marketing concept is a business philosophy that states that all sections of the business are involved in satisfying a customer’s needs and wants while achieving the business’s goals.
← Management and Administration: Customer relations, meeting marketing needs, strategic planning ← Financial planning- budget preparation, financial analysis, resource allocation ← Operations- product/service design, supply chain management ← Employment relations- reliable employees with integrity and experience
• Production, selling, marketing approaches
Production Approach (1820s-1920s) - focused businesses on the production of goods and services. They went by the catchphrase “If we make it, they will buy it”. Businesses were usually able to sell all their output.
Sales Approach (1920s-1960s) - emphasised selling because of increased competition. Products became higher in quality and brand names were trusted more. Salespeople played an important
Marketing is a total system of interacting activities designed to plan, price, promote and distribute products to present and potential customers
Role of marketing • Strategic role of marketing goods and services
A common goal in business is profit maximisation. The strategic role of marketing is to translate this into a reality. The business will look to how it can increase its sales, and that means there will be an increase in profits.
The marketing plan helps show strategies in how profits can be achieved in the short-term, and in the long-term. o Marketing plan is a document that lists activities aimed at achieving particular marketing outcomes in relation to goods or services. The plan provides a template for future action aimed at reaching business goals, such as profit maximisation.
• Interdependence with other key business functions
Businesses now use the customer-orientated approach which has significantly changed the role of marketing and the need to develop a marketing concept. Marketing concept is a business philosophy that states that all sections of the business are involved in satisfying a customer’s needs and wants while achieving the business’s goals.
← Management and Administration: Customer relations, meeting marketing needs, strategic planning ← Financial planning- budget preparation, financial analysis, resource allocation ← Operations- product/service design, supply chain management ← Employment relations- reliable employees with integrity and experience
• Production, selling, marketing approaches
Production Approach (1820s-1920s) - focused businesses on the production of goods and services. They went by the catchphrase “If we make it, they will buy it”. Businesses were usually able to sell all their output.
Sales Approach (1920s-1960s) - emphasised selling because of increased competition. Products became higher in quality and brand names were trusted more. Salespeople played an important