Learning aim A - Introduction to the principles and purposes of marketing

A1 The role of marketing • Principles and purposes of marketing: o anticipating demand o recognising demand o stimulating demand o satisfying demand. • Marketing aims and objectives: o understanding customer wants and needs o developing new products o improving profitability o increasing market share o diversification o increased brand awareness and loyalty. • Types of market – mass and niche market. • Market segmentation. • Branding, brand personality, brand image, unique selling point (USP), implications of business size for marketing activity, budgetary constraints, availability of specialist staff.

A2 Influences on marketing activity • Internal influences: o cost of the campaign o availability of finance o expertise of staff o size and culture of the business. • External influences: o social o technological o economic o environmental o political o legal o ethical.