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Summary Marketing: HSC cource
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Covers marketing for business studies HSC course
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30/11/2021, 12:55 Role of marketingRole of marketing
What is marketing?
💡 Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods
and services to create exchanges that satisfy individual and organisational objectives
involves a wide range of activiteis
is directed at a wide range of goods, services and ideas
stresses the importance of satisfying exchanges - that is, something in return
is not limited to the activities of businesses
strategic role of marketing goods and services
Strategic role of marketing goods and services
The overarching goal of business is profit maximisation. The strategic role of marketing therefore is to translate this goal into
reality.
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, 30/11/2021, 12:55 Role of marketing
💡 Profit maximisation occurs when there is maximum difference between the total revenue coming into the business and
total costs being paid out.
The Marketing plan
The marketing plain is a document that lists activities aimed at achieving particular marketing outcomes in relation to goods or
services. The plan provides a template for future action aimed at reaching business goals, such as profit maximisation.
To achieve the goal of profit maximisation, the marketing plan should be the focus of both short-term and long-term planning for
three reasons:
1. The marketing plan outlines the strategies to be used to bring the buyer and seller together. The business needs to be able to
identify:
a. where the market is
b. who will buy the product
c. why they will buy the product
d. how often they will buy the product
2. The core of marketing is satisfying existing customer wants, which should lead to repeat sales
3. Marketing is the revenue-generating activity of any business. Nothing is achieved until a sale is made
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