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Marketing is :: a total system of interacting activities designed to plan, promote, and distribute products to present and potential customers.
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Each of the key business functions has a strategic component.
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Strategic refers to : long-term, broad aims affecting all key business areas
- (strategic) Planning is essential to long-term business success
- There are two main strategic goals related to marketing:
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Profit maximisation occurs when :: there is maximum difference between the total revenue coming into the business and total costs being paid out
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In order for a businesses’ product to generate sales, a marketing plan is required.
- detailing strategies to put into place to sell their products.
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A marketing plan is :: a document that lists activities aimed at achieving particular marketing outcomes in relation to goods or services.
- The plan provides a template for future action aimed at reaching business goals, such as profit maximisation.