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Overview of the Marketing Function; Market Research & Target Markets; The Seven Marketing Instruments; Key Marketing Policies (Product, Price, Place, Promotion); Modern Marketing: Technology & Global Challenges

The Marketing Function

Economics

The Marketing Function

Understanding marketing's role connects businesses with customers.

Agenda

• Overview of the Marketing Function

• Market Research & Target Markets

• The Seven Marketing Instruments

• Key Marketing Policies (Product, Price, Place, Promotion)

• Modern Marketing: Technology & Global Challenges

The Marketing Function

Welcome to our Business Studies lesson on the Marketing Function. We will explore the essential role marketing plays in connecting businesses with their customers. Understanding this function is crucial for business success and growth.

Marketing Function Overview

• Develop and offer desired products/services.

• Set competitive and profitable prices.

• Ensure products reach customers (distribution).

• Communicate value, guided by market research.

Importance of Market Research

• Retains and grows market share.

• Ensures financial stability.

• Reveals current wants and future trends.

• Gauges opinions on existing products.

Understanding Target Markets

A target market is a specific group of consumers a business aims to serve. This group is segmented by factors such as age, gender, income, culture, and lifestyle. Businesses tailor their marketing strategies, like product design or advertising, to effectively reach this defined segment; for instance, a luxury car brand targets high-income adults.

Seven Marketing Instruments

• Product, Price, Place, Promotion (the 4 Ps).

• People, Process, Physical Evidence (for services).

• These instruments guide all marketing decisions.

• Used to meet specific consumer needs.

Product Policy Explained

• Product: Core element of the marketing mix.

• Development: From idea generation to test marketing.

• Design: Blends creativity, innovation, and technology.

• Tested for profitability and consumer feedback.

Product Classification Types

• Industrial Goods: Used in producing other goods/services (e.g., raw materials).

• Convenience Goods: Frequent, low-cost, minimal effort (e.g., snacks).

• Shopping Goods: More expensive, consumers compare options (e.g., appliances).

• Specialty Goods: Unique, brand-specific, high effort (e.g., luxury items).

Packaging & Branding

• Packaging protects products & influences buyer decisions.

• Types include speciality, reusable, and multiple packs.

• Brand identity: name, mark (logo), and trademark.

• Manufacturer brands (e.g., Nike) vs. private brands (e.g., store brands).

The Marketing Function

Overview of the Marketing Function; Market Research & Target Markets; The Seven Marketing Instruments; Key Marketing Policies (Product, Price, Place, Promotion); Modern Marketing: Technology & Global Challenges

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