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Jonathan Rosenberg Business Assessment Notes HSC Topic 3 - Marketing Nature and role of markets or marketing Role of marketing in firm or society Firm creates sales brand image A market allows you to create awareness of your product and increase market share Society Marketing creates jobs products services and tax to Government Types of Markets 1Resource market factors of production - Land labour capital enterprise 2Industrial market manufacturing market Organisations that buy the component parts to use in the production of another product 3Intermediate market re-sellersagents wholesalers or retailers They buy goods for purpose of reselling or renting out 4Consumer market final user of the productservice 5Mass market - large broad markets Eg water electricity 6 Niche market Small very specific market Eg Mercedes rolls Royce The marketing concept The aim of marketing today is to have return customers and repeat purchases Relationship marketing Customer Orientation Build long-term relationships with customers to encourage loyalty Marketing in 1900-1930s was product based Focus was improving quality of product and reducing costs Eg Henry ford model T one colour for everyone Marketing then moved to selling orientation from 1930s to 1960s increase in competition and an emphasis on making a sale Salesmen paid a commission and heavy advertising and promotion Today customer needs are considered and heavy emphasis on research Safety quality and environment are considered Marketing Planning Process Often Ricky Tries Sitting On the Street Eating Organisation Research Target Market Situational Analysis Objectives Strategies Evaluate Organisation Name of bus Location Prime functionBasic introduction of bus Legal entity Broad goalsobjectives Research Into market and environment External influences oEconomic state boom recession oGovernment - Monetary regulations grants oSociety Demographics - Age Gender Nationality Education oTechnological - Point of sale POS payments CAM CAD Internet oCompetition - State of competition products sustainable competitive advantage Internal Influences oEmployees training levels education level oFinancial situation - solvency debt equity oPhysical assets - technology oProduct
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