Area of Study 2: Managing the Marketing Function

This area of study involves an examination of the planning used by management to position its products and services in the marketplace.
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Most marketing decisions can be judged to be ethical or unethical, legal or illegal. Sometimes, however, it is not so clear. What one person may consider reasonable could be totally unreasonable to another person.  For example, some people think it is unethical to directly advertise unhealthy food products to children while others think it is fine. The concept of ‘reasonable’ limits is open to interpretation.

Most marketing decisions can be judged to be ethical or unethical, legal or illegal. Sometimes, however, it is not so clear. What one person may consider reasonable could be totally unreasonable to another person. For example, some people think it is unethical to directly advertise unhealthy food products to children while others think it is fine. The concept of ‘reasonable’ limits is open to interpretation.

New technology has opened up many marketing opportunities, as has access to worldwide markets

New technology has opened up many marketing opportunities, as has access to worldwide markets

To evaluate whether marketing strategies have been successful, a number of indicators can be used.  These indicators include sales analysis, the percentage share of total market sales the business has compared to competitors (market share), and market profitability.

To evaluate whether marketing strategies have been successful, a number of indicators can be used. These indicators include sales analysis, the percentage share of total market sales the business has compared to competitors (market share), and market profitability.

Exploring export markets and diversifying into new areas of business is a way to exploit business opportunities.

Exploring export markets and diversifying into new areas of business is a way to exploit business opportunities.

he life cycle of a product passes through many stages from its introduction to its eventual decline.

he life cycle of a product passes through many stages from its introduction to its eventual decline.

The marketing mix: product and price

The marketing mix: product and price

Key elements of a marketing plan: Establishing objectives and market description

Key elements of a marketing plan: Establishing objectives and market description

Businesses can predict consumer trends and how they may react to particular marketing strategies, if they are aware of the factors that influence the buying behaviour of consumers.

Businesses can predict consumer trends and how they may react to particular marketing strategies, if they are aware of the factors that influence the buying behaviour of consumers.

A business segments its market so it can better direct its marketing strategies to specific groups of customers.

A business segments its market so it can better direct its marketing strategies to specific groups of customers.

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