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Summary NSC purple business studies book - grade 12 notes
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Business Chapter 7Marketing and branding
Marketing:
- Def: management process that is mostly responsible for identifying, anticipating and
satisfying the consumer needs and wants.
Aim:
- Marketing creates the best mix of satisfying customer needs and wants
- Without proper marketing the business is not able to get close to customers and arde
uake to understand them
- It helps to produce goods and services to understand the behaviour of their consumers
by interteroenting the wants and needs to understand the overall behavior style.
- Effective marketing has been used to retain customers, gain more confidence, build on a
brand, improve a brand.
7 Ps:
1. Product:
- Businesses must make sure they are supplying the consumers with a product that thye
are willing to buy
- The correct product must be created with the view to add value to the consumer
- Do not need to be tangible
- Businesses needs to ut into place the correct systems to evaluate what the consumer is
thing and to monitor the consumers behaviour
- Packaging
- Consumers recognize and distinguish a product by its packaging
, 2. Price:
- Products and services are only worth what the potential consumers are willing to pay -
opportunity cost
- The price charged can also be used as competitive advantage - best value for money
- Must make revenue for the business
- Helps positions the business in the marketplace
- Price sensitivity must be considered. Existing consumers are usually less price sensitive
as you have already gained their loyalty
- New consumers will need to see the value of your product first
- Essential goods are less price sensitive than shopping goods
3. Place
- Where the consumers will buy the product
- Product must be available at the right place, time and quality
- When looking at delivery performance, choosing the correct supplier is a critical key to
maintaining a competitive advantage
- Target market and price will have to be considered
- Essential goods are usually intensively distributed eg: bread can be purchased from any
shop while jewelry would be bought from a specific store.
4. Promotion
- Way for the business to communicate what it does and what it has to offer
- Promotion activities = branding, advertising, public relations, personal sales
- This is gaining the correct level of attention, message must be consistent and appealing
- Ensuring a high level of transparency
5. Physical evidence
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