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Role of marketing

Hsc business

QuestionAnswer
What are strategies? Actions that a business takes to achieve specific goals.
Definition of marketing Total system of interacting activities designed for present and potential customers
What are the 4 Ps Price, product, place, promotion
What is profit maximisation When there is maximum difference between total revenue and total costs
What is a marketing plan Lists all activities aimed at achieving marketing outcomes.
What is the marketing concept? A business philosophy that states all parts of the business are involved in satisfying customers.
What are the three approaches to marketing? Production, Selling, Marketing (I and II)
What is the production approach to marketing? Businesses that focused on production of goods and services
What is the selling approach to marketing? This approach emphasised selling because of increased competition.
What is the marketing approach ? finding out what consumers want through market research and satisfying that need
What is discretionary income? Disposable income that is available after basic needs taken care of.
What is corporate social responsibility? Open and accountable business actions based on respect for people, society and environment.
What is customer satisfaction? Measures how goods and services supplied by a business meet or exceed customer expectations.
Relationship marketing Development of long-term and cost effective relationships
Resource market individuals or groups involved in primary production
Industrial market industries and business that purchase products to use in production of other products
Intermediate market Wholesalers and retailers who purchase finished products to resell
consumer markets household members who plan to use or consume their purchases
mass markets Seller mass produces, mass distributes and mass promotes one product to all buyers
Niche Market narrowly selected target market segment
Created by: CHSD12
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