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Summary Grade 11 marketing (chapter 11)
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A summary of the grade 11, marketing chapter with visual depictions and understandings
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, an impactMANKCtING:activitythathasonthebusinessesimagee
THE MARKET
a market is any place where goods and services are bought and sold (in exchange for money)
A PRODUCT-ORIENTED APPROACH TO MARKETING I
the focus is on the product and the characteristics of the product
A MARKET-ORIENTATED APPROACH TO MARKETING 2
the focus is on market research in order to identify consumers needs and wants
SUCCESSFUL BUSINESSES WILL COMBINE THESE TWO APPROACHES
a business will continue to develop the product/service in accordance to the customers needs
and wants. this will extend the life cycle of the business.
businesses that adapt in order to satisfy the customers needs (market orientation) through top
quality products/services (product orientation) are more sustainable and successful.
the MARKETING PROCESS:four
understand needs of target market build and protect a competitive advantage
should be able to predict the future tends in the market place to engage in ongoing developments
of product/service to satisfy the consumers needs
market research development
promotion
logistics distribution SAICS
RESEARCH HELPS BUSINESSES TO UNDERSTAND EXPECTATIONS IN TERMS OF:
demands in terms of packaging packaging
the price people are prepared to pay price
where the target market wants to have access to the product/service place (location)
preferential channels of communications promotion
THE AIMS OF MARKETING FUNCTION
competitive advantage = increase market share
develop new products = broaden target market
identify new markets = opportunity to grow and improve profitability
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