Notesale: Turn your study into money

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Why is Marketing important? Describe the role of a marketing function within an organisation
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Definition (Marketing): The management process responsible for identifying, anticipating and satisfying customer
requirements profitably
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 Customer needs are continually changing, often in ways which are very subtle
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They lacked consistency of marketing with their product
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Therefore, went into decline
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Factors to consider:
Cost

Competitors

Elasticity of Demand (PED)

Brand Strength
Price Components

Depending on whether the product that is a luxury good and PED of the product
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Strong Branding can also ↑ (p)  Example Neurofen (£££) | Branding & Well-advertised Vs
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Place
Location where ownership of goods is transferred or where a service is performed
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g
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Product





Unique Selling Point
Consumers judge on Quality
Generally, product must also offer durability
Brand is important
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Brands also adds value
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 Press conference public/ Quasi-public events where speakers provide information on newsworthy
items
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 May
also want to establish the products position in the market  advertise their new product will also emphasis on the
unique selling point
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At this stage, main
objective increase/preserve market share
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Advertisings job is to make the customer go through the AIDA process (Attract, interest, desire, attention) to
successfully fulfil a purchase

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