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Chapter 7 business summary $4.31
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  2.  
  3. 12th Grade
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  5. Business Studies

Summary

Chapter 7 business summary
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  • Course
  • Business Studies
  • Institution
  • 12th Grade

With the lengthy and detailed extensive business textbook, it's often difficult to pinpoint and study what's important and of actual relevance, there notes have been made summarising everything that is important in the business chapter, and will assist you to achieve a distinction.

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Document information

  • January 5, 2025
  • 11
  • 2024/2025
  • Summary

Subjects

  • summary

Written for

  • 12th Grade
  • Business Studies
  • 200
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Marketing definition: The on-going business activities to reach the target market (LSM) and
methods the business utilises to connect and engage with its target market

To engage with target market aiming to sell + convince of quality of product to sell and make
a profit




Role of marketing as part of the overall
business strategy Perception of
the business
Chapter 7: Marketing Function




Strategic role of marketing: creating and supporting a strong and positive brand
identity in the market through a well-planned + well-implemented marketing strategy

Strategic planning:
Strategic planning: -vision -mission -form marketing
Marketing strategy: Brand Image = -identifying market scope(ES) -determine USP
-determine marketing budget

Implement marketing strategy: -Marketing of product/service -evaluate effectiveness



Importance of marketing
#1: Build brand image / reputation =reminds customers of purchase
#2:Customer reminded product/service = consumer retention
#3:”market buzz” consumer talk, creates awareness of product/service=more sales


Forming the Marketing Strategy:

Market
Marketing overall brand
product/service, (not BOTH business and
of business (little time on
spending time on individual
individual
overall brand)such as service/product such
product/service) such as
Debonairs as Revlon
LG



5 steps of marketing strategy: 1.Environmental Scan 2.Target Market+USP 3.Marketing budget
4.Marketing Mix 5.Evaluate effectiveness




External Analysis (Industry, Competitor,
STEP 1: Environmental Scan= Customer, OT)
Internal Analysis (SWOT, Value chain, Resource
based, USP)

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