7115 · 3.1
Marketing and the market flashcards
Revision flashcards for Cambridge 7115 Marketing and the market (syllabus 3.1). Flip, recall, then mark a real past-paper question.
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Cambridge definition of marketing?
Management process of identifying, anticipating and satisfying customer requirements profitably.
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Marketing vs selling?
Selling focuses on converting existing product to cash; marketing starts with customer needs and shapes the offer.
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Product orientation?
"We make it, you buy it" — risk of ignoring market changes (e.g. Kodak).
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Market/customer orientation?
Decisions driven by research into customer needs and competitors.
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Marketing + finance link?
Budgets for campaigns; pricing affects revenue; sales forecasts feed cash flow.
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Marketing + operations link?
Sales forecasts drive production; quality must match brand promise.
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Marketing + HRM link?
Recruitment/training of sales and service staff; culture aligned to customer focus.
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Link to 3.3 mix?
Marketing manages the 4Ps to implement customer orientation.
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What is the core purpose of marketing?
To identify, anticipate, and satisfy customer needs profitably. It is a strategic management function that aims to align a business's products and services with market opportunities.
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Define 'Market Orientation'.
An outward-looking business philosophy that bases product design and marketing strategies on customer needs and wants, as identified through market research.
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Define 'Product Orientation'.
An inward-looking business philosophy that focuses on producing high-quality or innovative products, based on the belief that a superior product will sell itself.
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Explain the two-way relationship between marketing and finance.
Finance provides marketing with a budget to conduct its activities. In return, marketing provides finance with sales forecasts, which are essential for creating cash-flow forecasts and company-wide budgets.
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Why is the link between marketing and operations vital?
Marketing tells operations what to produce, in what quantity, and to what quality standard, based on its research. Operations' capacity and efficiency, in turn, determine whether marketing's plans and promises to customers can be fulfilled.