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The Role and Importance of Marketing

The Role and Importance of Marketing. Wednesday, December 1 st. What is Marketing?. A ll the activities involved in getting goods and services from the business that produces them to the consumers who wish to purchase. Includes: Research; Development; Sales; Distribution; Advertising;

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The Role and Importance of Marketing

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  1. The Role and Importance of Marketing Wednesday, December 1st

  2. What is Marketing? • All the activities involved in getting goods and services from the business that produces them to the consumers who wish to purchase. • Includes: • Research; • Development; • Sales; • Distribution; • Advertising; • Promotion.

  3. Why Marketing? • What were the two of the most important parts of a successful business?? • Without marketing, not much would get sold. • Consumers wouldn’t know what goods/services are available. • They wouldn’t know about new trends or fashions, or how products have improved. • Marketing is important to all business – it often means the difference between success and failure. • Marketing ensure that businesses actually sell the goods and services they offer.

  4. Brand Management • Every product has a brand, and brands help businesses and their products to establish an identity in the competitive marketplace. • Different brand names are used for different markets. • Why? • The primary function of a company’s marketing department is brand management. • Create plans for distribution, promoting, pricing, and development.

  5. Product Life Cycles • To effectively market a brand, marketers must know where the brand is in terms of the product life cycle. • A product’s life consists of5 parts: • Product Introduction; • Growth; • Maturity; • Decline; • Decision point. • Almost all products are popular for a period of time and then their popularity declines. • Some products are designed to be in style for only 1 season.

  6. Non-Traditional Life Cycles Fads • A product that is extremely popular for a very short period of time. • When it dies, it dies very quickly, and many businesses get caught with a large product inventory because they stayed in the market too long. • Examples? Knockoff • A product that imitates a product, usually a cheaper version.

  7. Non-Traditional Cycles (con’t) Niches • Some products have a short growth stage that leads to a solid, but not financially spectacular, maturity stage. • A section of the market in which they dominate and into very few competitors enter.

  8. Non-Traditional Cycles (con’t) Seasonal • A product that’s popularity is dependent on the season. • I.e. Christmas trees, etc. • Inventory management is essential. • Businesses must keep adequate stock, but balance is important, because too much inventory left over at the end of the season may hurt the company’s bottom line.

  9. Questions… • On pg. 208, answer the following questions. # 2 (a) & 2 (b)

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