1 marketing_intro - What does it mean f Identifying –...

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tutor2u GCSE Business Studies What is Marketing? What makes someone buy a product? Or more importantly, what makes them buy the product you are trying to sell? In business, you need to persuade a customer to part with money in exchange for a good or a service . You have decide on what the product is going to be like (e.g. shape, colour, size, features); at what price are you going to sell it; where you are going to sell it (e.g. in a shop, over the Internet, by mail order); and how you going to help the customer find out about the product (e.g. advertise in the local newspaper or on the radio). Marketing is all of these things. A market is a group of consumers, who could be individuals, businesses or governments who might buy this type of product – for example, the market for running shoes or the market for fresh flowers. And marketing is often defined as: “The process of identifying, anticipating (predicting) and satisfying customer needs profitably”
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Unformatted text preview: What does it mean? f Identifying – finding out by using marketing research about current products, the possibility of new products, and about current markets and possible new markets. f Anticipating (predicting) – analysing the data collected and using the managers’ skills to judge what might happen in these markets and how the products might be suited or changed, adapted or updated. f Satisfying customer needs – making sure the person, business or government is happy with what they are buying, will not complain and will be happy to buy again if appropriate. f Profitably – adding value to the product so when sold, the price of the product is greater than cost of the inputs. All of these marketing activities take place in a market. Key Links for GCSE Business Studies http://www.tutor2u.net/ Discussion Board for GCSE Business Studies Other GCSE Business Studies Revision Notes and Resources from tutor2u Tutor2u GCSE Business Online Store...
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