atar notes marketing

• Role


  Marketing is a total system of interacting activities designed to plan, promote and distribute goods and services to present and potential customers.
• Profit maximisation


  Goal of maximizing the difference between total revenues and total costs being paid out.
• Customer orientation


  Placing customer satisfaction at the core of business' decisions to meet their needs and wants.
• Interdependence with finance


  Marketing requires funds for market research, promotion, and designing goods/services. Marketing achieves sales, which finance manages.
• Interdependence with operations

  Production must fulfill designs created by marketing, and product designs are led by market research to meet customer needs. Marketing ensures the price aligns with operations costs.
• Interdependence with human resources


  Marketing needs skilled employees to conduct functions, requiring motivation and skills to cater to customer needs. HR recruits, trains, and develops employees for marketing positions.
• Production approach


  Focus on mass production during the Industrial Revolution, improving quality and quantity without considering customer needs/wants (1820s-1930s).
• Selling approach


  Increased advertising post-WWI, using high-pressure tactics and sales representatives to create demand without researching customer needs (1930s-1960s).
• Marketing approach

  Focus on customer orientation, market research, integrated strategies, and satisfying customer needs/wants post-WWII (1960s-now).
• Resource market

  Primary production market including mining, agriculture, forestry, and fishing.
• Industrial market


  Businesses purchasing products for use in producing other goods, like a bakery using flour to make bread.
• Intermediate market


  Wholesalers and retailers buying finished products to resell for profit (B2B).
• Consumer market


  Individuals or households buying products for personal use (B2C).
• Mass market


  Mass production, distribution, and promotion of a product to all customers with similar needs.
• Niche market


  Targeting specific market segments with unique lifestyles/interests and diverse needs.
• Psychological influences


  Factors within an individual affecting buying behavior, including perception, learning, attitudes, motives, and personality.
• Sociocultural influences


  Forces from other people and groups affecting buying behavior, including social class, culture, family roles, and reference groups.
• Economic influences


  Factors influencing a business' competitiveness and customer spending, affected by boom or recession periods.
• Government influences


  Regulations directly impacting marketing plans, such as the Competition and Consumer Act 2010 (Cth) in Australia.
• Deceptive and misleading advertising


  Includes practices like fine print, before-and-after ads, bait-and-switch, and dishonest advertising, prohibited under the Competition and Consumer Act 2010 (Cth).
• Price discrimination


  Setting different prices for the same product in different markets, prohibited if it reduces competition.
• Implied conditions


  Unspoken terms in a contract, including customer guarantees for defective goods and services, like acceptable quality and warranties.
• Warranties


  Promises by businesses to correct defects in goods/services, outlined by the Competition and Consumer Act 2010 (Cth) regarding consumer rights.
• Ethics


  Established standards of behavior for businesses, including truth and accuracy in advertising, good taste, products that may damage health, and fair competition.
• Truth and accuracy in advertising


  Unethical marketing practices like false/misleading advertising, exaggerated claims, and vague statements can drive customers away.
• Good taste in advertising


  Advertisements should be in good taste and not offensive, considering community sensitivities to maintain reputation.
• Products that may damage health

  Marketing of products like junk food/cigarettes that can harm health, leading to strict restrictions by the government.
• Engaging in fair competition

  Regulated by the Competition and Consumer Act 2010 (Cth) to prevent anti-competitive behaviors like mergers or resale price maintenance.
• Slugging


  Selling technique disguised as market research, aiming to deceive customers into buying products.
• Unethical Behavior


  Actions not illegal but against moral standards
• Invasion of Privacy


  Violation of personal space or information
• Deception


  Misleading or false information
• Breach of Trust


  Violation of confidence or reliance
• SWOT Analysis


  Identification of internal strengths, weaknesses, external opportunities, threats
• Product Life Cycle


  Stages a product goes through: introduction, growth, maturity, decline
• Market Research


  Systematic collection and analysis of marketing information
• Market Segmentation

  Dividing total market into groups with similar characteristics
• Target Markets


  Present and potential customers a business aims to sell products to
• Mass Marketing Approach


  Targeting a broad customer base with similar needs
• Niche Market Approach


  Targeting a specialized market segment