Summary Grade 7 Economic and Management Sciences (EMS) Term 3 (Study & Master) - Summaries

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, The concept of advertising
Need and wants of consumers
• Advertising is used to inform people about
• Needs are essentials; wants are desires.
your business and persuade them to buy
• People meet needs before wants. your products or services.
• Spending depends on income and priorities.
• Market research identifies target customers.
• Target market is the group most likely to
buy your product. Media used in advertising
• Businesses use:
SWOT Analysis o Television
o Radio


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•

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Strengths and opportunities help the
business succeed.
Weaknesses and threats are challenges to
overcome.
SWOT helps plan strategies for better
Topic 11:
Starting a
o Online platforms
o Billboards
o Magazines
o Newspapers
o Websites
results. o Text messages


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Setting goals
business


Principles of advertising

• Goals guide business growth. • Effective advertising considers the four Ps:
• Short-, medium-, and long-term goals are o Price
important. o Product
• SMART goals are Specific, Measurable, o Place
Achievable, Realistic, and Time-bound. o Promotion
• Specific goals clearly define what you want. • Advertising must be clear, noticeable, and
• Measurable goals let you track success. suitable for the target market and budget.




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,Sample
Summaries after sample

, Sample
Summaries after sample