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Marketing (Market-Orientation, Product-Orientation, Asset-Led Marketing)


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Business Studies - Marketing
The aspects of marketing are highlighted such as market-orientation, product-orientation and asset led along with their definitions and advantages and disadvantages.

Published in: Marketing

Marketing (Market-Orientation, Product-Orientation, Asset-Led Marketing)

  1. 1. Marketing Business Studies (A Level)
  2. 2. The management process involved in identifying, anticipating and satisfying customer requirements profitably. (Definition)
  3. 3. Devise/ Analyse marketing strategy Monitor customer reaction/sales performance Adapt marketing strategies Re-assess consumer reaction/sales levels
  4. 4. Researching the market Analysing the market Setting the marketing goals Developing a marketing strategy Product Orientation Market Orientation Asset-Led Orientation
  5. 5. A business bases its marketing mix on what the business sees as it’s internal strengths(Definition) Advantages Disadvantages Increased economies of scale Changes in market structure will not be responded to Easier to apply production management methods Fashion and taste aren’t accounted for Focus on quality Focus on product development
  6. 6. A business bases its marketing mix on its perception of what the market wants. (Definition) Advantages Disadvantages • Flexibles to changes in tastes and fashion • High cost of market research • New products designed to meet customer needs • Constant internal change • Decisions are based on effective market research • Unpredictability of the future • Abandonment of earlier product investment
  7. 7. Marketing decisions are based on the needs of the consumer and the strengths of the business (Definition) Advantages • Strengths linked to market needs • Maximising return from assets • Progressive change • Quality of output
  8. 8. The marketing mix refers to those elements of a firm’s marketing strategy which are designed to meet customer needs. To meet customer needs and have an effective marketing mix, business must produce the right product, at the right price, available at the right place and let customers know through promotion.
  9. 9. Product - It must meet consumer needs and so must pay close attention to specific features. Price - The pricing policy is often a reflection of the market. Promotion - Promotion techniques such as advertising makes consumers aware of the product. Place - Where the product is distributed. It must be right and available for physical distribution.