BLO 2205 Lecture Notes - Lecture 1: Marketing Mix, Exchange Rate, Swot Analysis
Document Summary
Compete against one another to deliver offerings to the market. Products and services get produced that consumers actually want to buy, at a price they can pay. Makes informed marketing decisions & budget allocation promotional material and price lists. Commission designers, advertising and market research media agencies. Constantly learn which marketing strategy work better in which situation. Develop generalized knowledge and scientific laws that inform evidence-based marketing: analyse how the key elements of the marketing mix contribute to an organisation"s marketing strategy. Marketing mix (4ps: product, price, place, promotion. Legislation directly affects the way biz operate. Influences on policy formation, ex: pressure groups (trade unions / Buyer behavior and consumer needs largely driven by cultural norms. Use tech to reduce costs & develop new income streams. Consumer more aware, consider sustainability, waste and pollution: formulate basic marketing strategies that can be implemented to address marketing problems. Rising income result in increased d for ready-prepared meals.
