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HSC Business Studies Notes Daniele BarbagalloMARKETING
role of marketing
● strategic role of marketing goods and services
Marketing → the process of creating a product then developing and
implementing strategies that aim to promote, price and distribute the product to
the market
Planning, specifically strategic planning, is essential to long-term business
success as it encourages businesses to set goals and devise strategies on how
they will achieve those goals. To achieve these goals, businesses may devise a
Marketing plan which is a document that lists activities aimed at achieving
marketing outcomes. It provides a template for future action. There are two main
strategic goals related to marketing:
Profit maximisation → a maximum difference between total revenue
coming into the business and total costs
Customer orientation → is placing customer satisfaction at the core of
the business’ decisions to ensure the business meets their needs and
wants
To achieve profit maximisation and customer orientation, the marketing plan
should be the focus of both short and long-term planning for three reasons:
1. Marketing plans outline the strategies that bring the buyer and seller
together
2. The cost of marketing is satisfying existing customer wants, which leads to
repeat sales
3. Marketing is the only revenue generating activity of any business
● interdependence with other key business functions
Marketing concept → a business philosophy that states that all sections of a
business to satisfy customers Marketing plan → a document that lists activities
aimed at echoing marketing outcomes
Marketing
Finance Adequate funds are required to promote the product, conduct
market research, and design the goods and services. The end result
of marketing is sales which are managed by finance. Finance
ensures that the marketing function has adequate financial
restrictions in place. Marketing ensures the advertised price is
profitable.
Operatio Production needs to fulfil the designs created by the marketing
ns function. Product designs must be aligned with the needs of the
customer as outlined in market research. Marketing ensures that
the product is advertised correctly. Marketing ensures that the
price adheres to the business’ operation costs.
Human Marketing requires skilled employees to conduct marketing
Resource functions. Human resources are concerned with recruitment,
s training and development of employees. Staff with motivation and
skills are required to cater for the needs and wants of customers as
identified by market research.
Case Study: Qantas
- Finance at Qantas depends on marketing to generate funds. Qantas marketing
strategies like new lounges, new check in facilities and carriers flying into
Asia are expensive and need to be funded.
- Marketing is aligned with Human resources at Qantas in developing job
descriptions and designing programs. The right staff must be employed to
, HSC Business Studies Notes Daniele Barbagallo
● production, selling, marketing approaches
Production approach (1820’s-1920’s)
Focused on the production of goods and services, ‘if we make it, they will
buy it”
Focused everything into production with no consideration of marketing
Selling approach - stage one (1920’s-1960’s)
- Focused on competition, increasing spending on advertising and sales
representatives
Marketing Approach - stage two (1980’s to present)
- Customer oriented, corporate social responsibility, relationship marketing
marketing strategies, business plan in order to achieve business goals
● types of markets
– resource, industrial, intermediate, consumer, mass, niche
Market = a group of individuals, organisations or both that need/want products, have the money, are
willing to spend their money, are socially and legally authorised to purchase the product.
Resource Market → consists of those individuals or groups that are engaged in all forms of primary
production, including mining, agriculture, forestry and fishing.
Industrial Market → industries and businesses that purchase products to use in the production of
other products or in their daily operations.
Intermediate Market → consists of wholesalers and retailers who purchased finished products and
resell them to make a profit.
Consumer Market → consists of individuals - this is, members of a household who plan to use or
consume the products they buy.
Mass Market → the seller mass-produces, mass-distributes and mass-promotes one product to all
buyers.
Niche Market → also known as a concentrated or micro market, is a narrowly selected target market
segment.
influences on marketing
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