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Grade 11 Business notes/summary on marketing
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detailed business notes/summary on marketing based off of textbooks as well as other notes taken in class
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MarketingImportant concepts related to marketing
The market
Any place where goods and services are bought or sold
Goods bought by target market (electronic or face to face)
Product orientated approach to marketing
Business concentrates on skills, knowledge and systems needed to
produce product
Research is conducted on product and characteristics
A market orientated approach to marketing
Demands that business focuses on satisfying needs and wants
Emphasis on market research on on-going basis to ensure changes
in wants and needs are identified
Combination of approaches
Develop the product or service in accordance with needs or wants
(extends life cycle of product and service)
Adapt to satisfy customer needs through quality, sustainable and
successful
Aims
Gain and retain customers
Build a brand
Improve brand
Improve sales (generate profit)
Marketing process
, All activities aimed at developing and maintain competitive
advantage
To build and protect competitive advantage marketing department
must understand target market needs
Predict future trends in market place to develop product and
services
Market research and development
To understand behaviour patterns and expectations of hoe product
or service is delivered
Involves: testing, collecting feedback and development
Understand expectations of consumer: packaging demands, price
they willing to pay, access to product, channels of communication
Promotion
Informing target market of product/service or brand
Logistics or distribution
Movement of product/service to ensure it reaches desired market on
time
Sales
Process of transferring ownership of the product from business to
customer
Market reserch and
development
Sales Promotion
Logistics/distribution
Aims of marketing
Create and maintain competitive advantage (increase market share)
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