Business Studies - Unit 3
Unit 3
1) Marketing
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?- Created by: Salina Begum
- Created on: 30-03-13 16:05
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- Business Studies - Unit 3
- Marketing
- Identifying and understanding customer needs and wants.
- Businesses can then provide products and services that meet these needs PROFITABLY.
- Marketing is about understanding customers, not just selling.
- Market Segmentation
- Group of customers in a market that have similar characteristics and needs.
- You can segment the car market by the type of car a person drives, such as sports car, executive, people carrier etc.
- Benefits;helps businesses
- Tailor products to customer needs.
- Target promotions at specific groups.
- Carry out market research.
- The Marketing Process
- Developing and testing products and services.
- Communicating products and services to customers.
- Identify and understand customers.
- Why bother?
- Communicate products effectively to encourage customers to buy them.
- Understand their customers.
- Keep up to date with market trends so products can continue to meet customer needs.
- Reduce risk of product failure.
- Market Research
- Gathering information about customers, competitors and market trends.
- Collecting primary and secondary date. This helps businesses make decisions.
- Three stages in market research
- Doing the research.
- Planning and designing the research.
- Analysising the information
- Marketing
- Carry out market research.
- Identify and understand customers.
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