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Summary Grade 11 Marketing suumarized from Consumo Publishers Book
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Chapter 11 Marketing Summarized
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CHAPTER 11 MARKETINGJESSICA NICOLE JOUBERT
,INTRODUCTION
Marketing can be seen as all activities that impact the image of the business and the cust
decision.
THE MARKET:
Any place where goods and services are bought and sold.
Goods and services are bought by the target market.
PRODUCT-ORIENTATED APROACH TO MARKETING:
Business focuses on the skills, knowledge and systems needed to produce the specific product.
When research is conducted, focus is placed on the product and its characteristics.
MARKET-ORIENTATED APPROACH TO MARKETING:
Demands that the business focuses on satisfying the needs and wants of customers.
Emphasis is placed on continuous market research to ensure changes in customer wants and needs
always identified.
SUCCESSFUL BUSINESSES WILL COMBINE THESE TWO APPROACHES:
Business will continue to develop their product in accordance with the needs and wants of the custo
which will help extend the products life cycle.
Businesses that work to satisfy the needs and wants of the customer are more sustainable and succ
, MARKETING PROCESS
Marketing involves activities aimed at developing and maintaining a competitive advantag
Should understand the needs of the target market.
Business should be able to predict future trends to engage in the continuous development
products and services to satisfy needs of the target market.
MARKET RESEARCH AND DEVELOPMENT:
Can involve testing the product/service and gathering feedback to improve the product .
Helps business understand expectations of the consumer based on appeal, price, access a
communication channels.
PROMOTION
Informing the target market about the product/service or brand offered by the business.
LOGISTICS/DISTRIBUTION
Involves the movement of the product/service to ensure it reaches the desired market on
SALES
Refers to the process of transferring ownership from the business to the owner.
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