100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Summary Marketing - Business studies GR11 IEB summaries/notes R109,00
Add to cart
Quickly navigate to
Preview
  2.  
  3. 11th Grade
  4.  
  5. Business Studies

Summary

Summary Marketing - Business studies GR11 IEB summaries/notes

3 reviews
 3 purchases

This document contains summaries made from " Consumo business studies textbook" which summarizes: the marketing process, marketing mix; product life cycle; product developing; branding; the importance of packaging; price objectives; pricing strategies.

Preview 3 out of 20  pages

Document information

  • February 10, 2023
  • 20
  • 2020/2021
  • Summary

Subjects

Written for

All documents for this subject (175)

3  reviews

review-writer-avatar

By: laragibson1412 • 3 months ago

review-writer-avatar

By: beveral • 1 year ago

review-writer-avatar

By: drantoinettemiricmiric • 1 year ago

Seller

avatar-seller
kayleevandyk

Reviews received

Content preview

Chapter 11
• Marketing.
The market: is any place where goods and services are bought & sold.
A product – orientated approach to marketing: this is where the business
concentrates on the skills, knowledge and systems needed to produce a specific product.
When research is conducted, the focus is on the product and the characteristics of the
product.

A market orientated – approach to marketing: Demands that the business focusses
on satisfying the needs and wants of the customers. The emphasis is on the market is on
market research on an on-going basis to ensure changes in customers wants & needs are
timeously identified.

Successful businesses will combine these 2 approaches: The business will continue
to develop the product in accordance to the customers needs & wants, this will help
extend the life cycle of the product/service offered by the business.
Businesses that adapt in order to satisfy the needs and wants of their customers through
top quality are more sustainable and successful.



• The marketing process.
- Marketing involves all activities that are aimed at developing and maintaining a
competitive advantage.
- In order to build & protect a competitive advantage, the marketing department
should understand the needs of the target market.
- The business should be able to predict the future trends in order to engage in the
on-going development of products and services to satisfy the current and future
needs of the target market.




1. Market
research & 2. Promotion
development



The marketing
process.




4. Sales 3. Logistics/distribution

,• Market research and development:
- Marketing starts with market research.
- The research process helps the business to understand the expectations of
consumers in terms of:
➢ The product/service and the demands in terms of packaging.
➢ The price people are prepared to pay
➢ Where the target market wants to have access to the product/service
➢ Preferential channels of communication to receive information about
product/service.



• Promotion:
- Is about informing the target market about the target market about the
product/service or brand that is offered by the business.



• Logistics/distribution:
- Involves the movement of the product/service to ensure that the product/service
reaches the desired market on time.



• Sales:
- Refers to the processes of transferring ownership of the product from the
business to the customer.



• The aims of the marketing function.
➢ Creating and maintaining a competitive advantage., which will help to increase
the market share.
➢ Developing new products/services or improving the current offering may help
broaden target market.
➢ Identifying new markets for the business, will ensure business has opportunity
to grow and improve profitability.

, • Understanding market segmentation.

➢ Market segmentation looks at dividing the overall market into different groups in
order to focus the businesses resources on customers.
➢ In order to identify an appropriate segment and then gain an understanding of the
chosen segment the business has to conduct market research.
➢ A business can be segmented based on a variety of criteria. The idea is to “create a
market” that is big enough to achieve sufficient returns of investment by
combining some of those characteristics.




Income groups.
Similar ages.
Cultural.


Lifestyle.

Market segments:



Genders.
Product use.



Geographical regions.




• Market segmentation could also lead to identifying possible gaps in
the market which are not yet fulfilled.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying this summary from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller kayleevandyk. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R109,00. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

64405 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 15 years now

Start selling
R109,00  3x  sold
  • (3)
Add to cart
Added