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Marketing

  • People employed in marketing concern themselves with market segments, which are large groups of consumers defined by income, ethnicity, age, or a number of other factors.
  • Ultimately marketing wants to know which market segments will buy their company's products and how best to sell those products to their target market
  • Two major factors of marketing are the recruitment of new customers (acquisition) and the retention and expansion of relationships with existing customers (base management).
  • Marketers depend on market research, both formal and informal, to determine what consumers want and what they are willing to pay for it.
  • Marketing’s primary aim is generating a competitive advantage relative to its competitors.
  • Other tasks include identifying and analysing an organisation's strengths and weaknesses, and responding to opportunities and threats in the marketing environment
  • make decisions regarding products, such as choosing labels or packaging as well as work on developing new products
  • make decisions regarding the distribution of products (such as taking orders, warehousing, stock control and transport), manage store image or undertake direct marketing
  • develop plans for advertising, sales promotion, public relations, personal selling and sales management
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