Business Studies - Unit 3

Unit 3

1) Marketing

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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
  • Carry out market research.
  • Identify and understand customers.


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