Business Studies�Marketing Introduction Notes

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Angela Emma Rudd BMA
1st October
Business Studies ­ Marketing Introduction Notes
What is marketing?
Marketing includes the following features.
Its an exchange process (goes two ways, the firm offers and gains
It is mutually beneficial because both sides should gain from it.
It aims to identify and anticipate customer needs.
It aims to delight customers, satisfying them alone is not enough, as there
tends to be other competition.
The purpose of marketing is to match the abilities and strengths of the firm to the
needs of the market.
Marketing involves:
Market research ­ gathering and analysing information so that firms can
make better marketing decisions.
Market analysis ­ looking at market conditions to identify new
Marketing strategy ­ developing a plan detailing how and where to
The marketing mix ­ this covers the decisions all businesses have to
make regarding selling prices, how and where the product is sold, the
products image and its nature.
The Marketing process:
Effective marketing means that the
organisation understands its
customers and provides them with
what they want, when they want. But
at the same time making sure that
the company is benefiting from it.
The better the marketing, the better
the product or service which is
provided for customer and the more
money the business should be able
to make.
Marketing is not just about
making the customer happy. The
organisation needs to fulfil its
own objectives as well. There is
no point in making the customer
happy if the business does not
make a profit. The firm must
cover its costs.

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Angela Emma Rudd BMA
1st October
All businesses trade in markets, these can be small local markets or national or
international with no single location. For example the world market for oil is a
global market in which buyers and sellers are linked by telephones, faxes and the
Internet, and trading takes place in many locations.
Market Orientation / MarketLed
A marketled firm bases its decisions on the customers needs.…read more


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