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Download Unit 4.1 The Role of Marketing The Role of Marketing
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4.1 Role of Marketing Unit 4 .1 T he Role of Ma rk eting Task 1 – Complete the missing words… satisfaction profit product customer Task 2 – Explain… a. i. Since market share refers to an organization’s share of the total value of sales of all products within a specific market, it can be measured by expressing the firm’s sales as a percentage of the total market’s sales. ii. Market concentration measures the degree of competition within a market by calculating the market share of the largest firms in a market. The sum of these market shares is known as the concentration ratio. b. Gain market share in the rapidly growing markets or gain higher sales/profits by entering the new market; Cost of entry into new markets (e.g. finance, R&D and personnel) or the high risks involved in launching new products. c. Commercial marketing is concerned with selling a product to the customer with the purpose of making a profit, e.g. by portraying the glamour and appeal of smoking. By contrast, social marketing focuses on changing people’s behaviour for what is deemed to be in the best interest of society, e.g. anti-smoking campaigns with the purpose of dissuading people from smoking. Task 3 – True or false? True / False T F T T F T 1 4.1 Role of Marketing Task 4 – Vocab Quiz Key Term Product orientation Marketing plan Market share Market orientation Task 5 – Calculating market share a. Company A B C D Sales ($m) Market share (%) 40 20 33 27 b. A and B account for 60% of the market (a combined $90m in a market worth $150m), i.e. the two firms have significant market power. They can be described as oligopolist firms that dominate the market. Task 6 – Multiple Choice 1. D. Marketing budgets 2. C. People 3. C. Pledge 4. D. Recruiting the best sales people 5. A. Perishable 6. A. Researching consumers’ needs in order to develop new products 7. C. Marketing is all about selling to meet the needs of customers 8. D. Methods of production 9. B. The percentage of total sales in a market that can be attributed to a firm 10. C. There is heavy spending on product research and development 11. B. Physical environment 12. A. It can lead to market leadership or dominance 13. C. Producing and marketing products that the firm believes will sell 14. C. Asset led marketing 15. D. Newly recruited staff 2 4.1 Role of Marketing 16. B. Social marketing 17. B. Products are designed according to what the producer feels will sell the best 18. C. Increase market share by 5% within the next 20 months 19. D. People, Physical environment, Process 20. D. Product orientation 21. A. Asset-led Marketing 22. C. Production 23. C. Ethical marketing 24. C. Customer relations management 25. D. Physical evidence 3