Business Studies Notes

Topics: Marketing, Marketing strategy, Sales Pages: 7 (1742 words) Published: August 17, 2013
10.2HSC topic: Marketing -> Total system of related activities designed to plan, price, promote and distribute products to potential customers – identifying, satisfying, exchanging & communicating.

25% of indicative time

The focus of this topic is the main elements involved in the development and implementation of successful marketing strategies.|

Outcomes

The student:
H1critically analyses the role of business in Australia and globally H2evaluates management strategies in response to changes in internal and external influences H3discusses the social and ethical responsibilities of management H4analyses business functions and processes in large and global businesses H5explains management strategies and their impact on businesses H6evaluates the effectiveness of management in the performance of businesses H7plans and conducts investigations into contemporary business issues H8organises and evaluates information for actual and hypothetical business situations H9communicates business information, issues and concepts in appropriate formats H10applies mathematical concepts appropriately in business situations

Content

Students learn to:

examine contemporary business issues to:
explain why goods and/or services are central to both marketing and operations examine why ethical behaviour and government regulation are important in marketing assess why a mix of promotional strategies is important in the marketing of goods and services

investigate aspects of business using hypothetical situations and actual business case studies to: evaluate the marketing strategies for a good or service
analyse a marketing plan for a business
explain how globalisation has affected marketing management

Key concepts: satisfying, needs and wants, exchanging, valuing, communicating, corporate social responsibility, choice, ethics, market, ‘bait and switch’, differentiate, niche, sugging SWOT analysis, Students learn about:

role of marketing
strategic role of marketing goods and services
* central + strategic role – to find the most suitable markets/make sure resources are directed to ensure customers of that market buy product – use of opportunity interdependence with other key business functions

* marketing does not occur in isolation & impacts finance, operations, employment relations e.g. new marketing campaign = more products/new services =greater production, further staff training + $$ production, selling, marketing approaches

* Product-if business has a better product, customers will naturally want it. Emphasis on quantity & reducing costs. Demand greater than supply * Sales-Businesses think of customer only after the product is made. Emphasis on selling & advertising. Supply greater than demand * Marketing-Focus on the customer’s needs/wants. Emphasis on customer satisfaction. Modification-societal approach emphasises quality, safety, the environment. types of markets – resource, industrial, intermediate, consumer, mass, niche Market| Characteristics| Example|

Resource| Where the factors of production (land, labour, capital & enterprise) are sold/exchanged – these resources are then sold to firms producing goods/services for consumers| Mining company discovering iron ore| Industrial| Those who buy goods/services that go into the production of other products| Ford motor company, sourcing parts to complete vehicles| Intermediate| Those who buy goods/services to resell/rent them to others –wholesales –steps to produce the final product| Hertz, antiques | Consumer| A market for goods at their final point of consumption| Department store| Mass| Market for goods appealing to the majority of customers/| Milk, electricity, bread| Niche| Smaller markets for more specialised goods/services, appealing to fewer people| Jeweller specialising in bridal jewellery|

influences on marketing
factors influencing customer choice – psychological,...
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