4.1 Role of Marketing

1. The market · Market size · Market growth · Market share.

=> Examine the characteristics of the market in which the firm is immersed.

Market size: Total sales of all producers within the market

Market Share: The sales of an individual firm expressed as a percentage of total industry sales.

Market growth.

=> Calculate market share from given information.

Total revenue or quantity the firm generates / Total revenue or quantity the whole industry generates.

2. Definition and nature of marketing · Market and product orientation · Marketing of goods/services.

=> Define marketing and describe its relationship with other business activities.

Identifying and satisfying consumer wants and needs in line with the objectives of the organization.

Depends on market research, development and innovation.

=> Describe the difference between market and product orientation.

Market Orientation: Satisfy the increasingly demanding consumer base empowered by knowledge and information.

Product Orientation: Concentrating solely on the strength of their product and effectively ignoring the needs of the market.

=> Explain the difference between the marketing of goods and services.

Marketing Goods: 4Ps - price, product, promotion and place.

Marketing Services: 7Ps - 4Ps + people, processes, physical environment.

external image Marketing_Mix_Diagram_-_7Ps_L.jpg
(Source: http://1.bp.blogspot.com/_K4fYmzRxeFw/TAyGS01PsEI/AAAAAAAAACQ/79d6psWBpY4/s1600/Marketing_Mix_Diagram_-_7Ps_L.jpg)

3. Marketing in non-profit organizations.

=> Analyse the marketing techniques of non-profit organizations.

Consider: Key stakeholders, communication, brand identity.

4. Marketing plan.

=> Describe the elements of a marketing plan.

Consider: Objectives, research, assessment of competitors, marketing mix, budget, likely problems and strategies.

Tools: SWOT, PEST.

external image strategic_marketing_process.gif
(Source: http://courseware.finntrack.eu/images/strategic_marketing_process.gif)