HSC Business Studies Notes Core 2: MARKETING

Transcription

1 HSC Business Services Year 2017 Mark Pages 28 Published Feb 25, 2018 HSC Business Studies Notes Core 2: MARKETING By Angelina (96.75 ATAR)

2 Powered by TCPDF ( Your notes author, Angelina. Angelina achieved an ATAR of in 2017 while attending Meriden School Currently studying Bachelor of Business and a Bachelor of Creative Intelligence and Innovation at University of Technology Sydney Achievements: Band 6 in English Advanced Band 6 in Legal Studies Band 6 in Business Studies Band 6 in Community and Family Studies State Ranking 3rd in Community and Family Studies Angelina says: My name is Angelina and I completed the HSC in 2017, achieving 4 band 6s, including a state rank of 3rd in Community and Family Studies. Selling notes for the following subjects both in part and in full depending on the subject: - Economics - Legal Studies - Business Studies - Community and Family Studies I also tutor for any students who are interested, please see

3 5.2 WHAT IS MARKETING? THE ROLE OF MARKETING MARKETING is a process whereby activities are designed to plan, price, promote and place want satisfying products in the market Finding out what the customers want and then attempting to satisfy their needs customer based FOUR FEATURES OF MARKETING Involves a wide range of activities Is directed at a wide range of goods, services and ideas Stresses the importance of satisfying exchanges that is, something in return Is not limited to the activities of businesses. MARKETING, SELLING, ADVERTISING MARKETING ~ the interaction between price, promotion, place and product to distribute products to present and potential customers SELLING ~ involves a set of activities that salespeople undertake to assist the customer s buying decisions (part of marketing process) ADVERTISING ~ a strategy involved in marketing a product through persuading the target market to buy the product 5.3 THE STRATEGIC ROLE OF MARKETING The process of translating the goal of profit maximisation into reality, done through the marketing plan (product, price, promotion and place) The Marketing Plan ~ To achieve the goal of profit maximisation, the marketing plan should be the focus of both short-term and long-term planning for three reasons: 1. The marketing plan outlines the strategies to be used to bring the buyer and seller together. The business needs to be able to identify: where the market is who will buy the product? why they will buy the product? how often they will buy the product? 2. The core of marketing is satisfying existing customer wants, which should lead to repeat sales. 3. Marketing is the revenue-generating activity of any business. Nothing is achieved until a sale is made. 5.4 INTERDEPENDENCE WITH OTHER KEY BUSINESS FUNCTIONS

4 INTERDEPENDENCE ~ refers to the mutual dependence that they functions have on one another The MARKETING CONCEPT all sections of a business are involved in satisfying a customer s needs and wants while achieving the business s goals FOUR PRINCIPLES: 1. Customer oriented 2. Supported by integrated marketing strategies 3. Aimed at satisfying customers 4. Integrated with the business plan to achieve the business s goals To be effective, the marketing concept must be embraced by all employees, not only marketing 5.5 PRODUCTION, SELLING, MARKETING APPROACHES The Production Approach (1820s to 1920s) ~ focussed on production of goods and services The Sales Approach (1920s to 1960s) ~ emphasised selling because of increased competition Marketing Approach (1960s to 1980s) ~ finding out what customers want through marketing research and satisfying Customer oriented Support by integrated marketing strategies Aimed at satisfying customers Integrated into business plan to achieve business goals CSR ~ Corporate Social responsibility (especially in regards to the environment) CUSTOMER ORIENTATION ~ collecting information from customers and basing marketing decisions and practices on customers wants and interests CUSTOMER SATISFACTION ~ measures how goods and services supplied by a business meet or exceed customer expectation RELATIONSHIP MARKETING ~ development of long term and cost effective relationships with individual customers 5.6 TYPES OF MARKETS

5 Powered by TCPDF ( A MARKET IS DEFINED AS a group of individuals, organisations or both that: Need or want products, Have the money to purchase them, Are willing to spend their money to obtain them Are socially and legally authorised to purchase them Consumer market buying and selling in consumer market Resource market production and sale of raw materials Industrial goods are used as supplies in the production process and traded Intermediate wholesalers (middle man) Mass goods and services that apply to all consumers e.g. electricity Market segments when a business focuses on tone particular area of the market Niche market narrowly selected target market segment (specific)