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Transcript
Unit Two Business Management Introduction Learning Intentions: We will be able to : Outline the marketing function and its relationship to business objectives and business strategy Describe market research processes Success Criteria Use key marketing terminology Present an analysis of market research processes What is Marketing? – An Introduction Tony’s Terrific Tables Tony has decided that he is going to open a business selling hand-made coffee tables. In what ways can Tony ‘market’ his tables? More Than Just Advertising What is Marketing? – An Introduction Marketing is a total system of interacting activities designed to plan, price, promote and distribute products to present and potential customers. What is Marketing? – An Introduction 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’ (American Marketing Association). The Marketing Function – Relationship to Objectives and Strategy A function is an area of management responsibility. Objectives refers to goals the business wishes to achieve. Strategies are the activities that the business undertakes to meet their objectives The Marketing Function – Relationship to Objectives and Strategy A business may wish to “increase sales by 10% over 2 years” (objective) The ‘marketing function’ of a business refers to the activities (strategies) aimed at achieving particular objectives in relation to a good or service (increase sales) Marketing is NOT just about advertising. The Marketing Function – Relationship to Objectives and Strategy The Marketing Function – Relationship to Objectives and Strategy Objective Increase Profit Strategy Increase Sales Marketing Plan Finance Plan Production Plan
