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Business Revision Notes: 3AS.1

Marketing




Marketing the management task that links the business to the customer by identifying and
meeting the needs of customer profitably ­ it does this by getting the right product at the right price
to the right place at the right time.

"Advertising and selling of…

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Role of marketing and its relationship with other business activities
The link between marketing objectives and corporate objectives

Long-term corporate objectives have a significant impact on both marketing objectives and
marketing strategy. A business with intended objectives on maximizing short-term profit targets on
maximizing sales at its highest price. In…

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To be effective, Marketing Objectives should:

Fit in with overall aims and mission of the business ­ the marketing objectives should
reflect the aims of the whole organization and they should attempt to aid the achievement
by these
Be determined by senior management ­ the key marketing objectives will determine…

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Coordinating is vital




Supply and Demand
Factors influencing the supply and demand for the products/ services of a
business

Demand the quantity of a product that consumers are willing and able to buy at the given price in a
time period

Supply the quantity of a product that firms are…

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A normal relationship between price and demand for a product

A rise in price leads to a decrease in the quantity demanded

A fall in price leads to an increase in the quantity demanded

Supply

Apart from changes in price, the level of supply of a product can vary due…

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Features of markets; location, size, share, competitors, growth
Market is places or mechanism where buyers and sellers meet to engage in exchange. A market
does not have to be a physical place; a market occurs as long as buyers and sellers are in
communication.

How market may differ: such as…

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Problems associated with measuring market share and market growth

The pace of growth will depend on several factors, such as:

General economic growth , changes in consumer incomes
development of new markets and products
changes in consumer tastes
technological changes
Saturation [if the market is saturated, it is simply overabundance.…

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Difference between product and customer orientation

This is an important distinction. Most business today describe themselves as being `market
orientated' or `market led'

Market orientation an outward-looking approach basing product decisions on consumer demand,
as established by market research

This approach requires market research and market analysis to indicate present…

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Industrial and consumer markets
Classification of products

Consumer markets: markets for goods and services bought by the final user of them

Industrial Markets: markets for goods and services bought by businesses to be used in the
production process of other product

The importance of this distinction lies in the different…

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Product differentiation and USP (Unique Selling Point )

Product differentiation making a product distinctive so that it stands out from competitor
products in consumers `perception

USP ­ unique selling point (or proposition) the special feature of a product that
differentiates it from competitors' product.

Product differentiation not only separate good…

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