Mastering Marketing - HSC Business Studies Topic 2

This student topic book has explanatory notes on the HSC Business Studies topic Marketing.

Its purpose is to provide a concise, yet comprehensive coverage of the Marketing topic in the HSC Course. Students are advised to seek other references and case studies in this subject because it is important to read as widely as possible in order to get the most from your study of the topic.

As far as possible, the material is presented in the same order as the Board of Studies syllabus.

Contents

2.1 The Role of Marketing

• The Strategic role of marketing goods and services
• The interdependence with other key business functions
• Production, selling and marketing approaches
• Types of markets: resource, industrial, intermediate, consumer, mass, niche

2.2 Influences on marketing

• Factors influencing customer choice: psychological, sociocultural, economic, government
• Consumer laws such as deceptive and misleading advertising, price discrimination, implied conditions and warranties
• Ethical aspects: truth, accuracy and good taste in advertising, products that may damage health, engaging in fair competition, sugging

2.3 The Marketing process

• Situational analysis: SWOT, product life cycle
• Market research
• Establishing market objectives
• Identifying target markets
• Developing marketing strategies
• Implementation, monitoring and controlling: developing a financial forecast, comparing actual and planned results, revising the marketing strategy

2.4 Marketing Strategies

• Performance objectives
• Products: goods and/or services including branding and packaging
• Price including pricing methods: cost pricing, market pricing and competition based pricing
• Promotion
• Place/distribution
• People, processes and physical evidence
• E-marketing
• Global marketing