Business Studies Chapter 7
Marketing and Branding
What is marketing?
What is marketing?
Marketing can be defined as the management process that is responsible for
the identifying, anticipating & satisfying of customer requirements profitably.
If a business ignores the wants of their customers, they will fail.
Aim of marketing
Aim of marketing
Without proper marketing, companies are not able to get close to their
customers as well as understand them & if the company is unable to do this
effectively, they won’t succeed in growing its market or sales.
Marketing expands into management discipline that helps producers of goods
and services to understand the behavior of their consumers by interpreting
consumers wants, needs & desires & then matching or exceeding them with
sound delivery.
Marketing is central to the business performance as it addresses the largest
aspects of the company’s competitive advantage in the marketplace. Effective
marketing has been used to retain customers, gain more customers, improve a
brand, build sales & generate profits, which can be used to reinvest as part of
the company’s cycle of success.
,Business Studies Chapter 7
PLACE
® Retail
PRODUCT PRICE
® Wholesale
® Design, technology ® Cost-Plus
® Local Export
® Useability ® Loss leader
® Usefulness ® Internet
® Value ® Penetration
® Quality strategy
® Brand
® Warranty
PROMOTION
® Advertising
PHYSICAL EVIDENCE ® Recommenda
® User stories tions
® Recommend ® Special offers
ations ® Gifts
® Office ® User testing
premises
® Buzz
PEOPLE
PROCESS
® Founders
® Service
® Employees
delivery
® Culture
® Complaints
® Customer
® Response
service
time
, Business Studies Chapter 7
The 7p’s of Marketing
The 7p’s of Marketing
Success of marketing relies on addressing critical key issues
• What are we likely to produce?
• What are we likely to charge?
• How do we plan to deliver these goods & services to the marketplace?
• Who is likely to purchase these goods & services?
• How will we go about informing consumers about our products & services?
Marketing mix includes Product, Price, Place & Promotion (4 Ps of marketing).
Companies have added: People, Process & Physical evidence to their mix when
putting a marketing plan together. These 3 elements play a crucial part to the
service industry.
Price:
Product: • Products & services are worth as much as
• A business must ensure that they what consumers are willing to pay for it.
are delivering a product that the Which is known as opportunity cost (what
consumer is able & willing to buy the customer is prepared to give up for
• The correct product must be the product)
created with the view to add value • The price charged by a business, could be
to the consumer. We need to deliver their competitive advantage, meaning the
the product/service in which the best value for money
consumer wants • Price provides the business with a profit
• Products don’t need to be tangible • Price aids to position the business in the
(real) marketplace – the more you charge,
• A business needs to put correct consumers expect quality & value
systems in plc to evaluate what the • Price sensitivity needs to be taken in
consumer is thinking & monitor consideration when you price goods.
consumer behavior – if there is a Existing consumers aren’t price sensitive as
change in the consumer’s needs & you gained their loyalty whereas need
wants, the business needs to adapt consumers require to see the value of the
• Packaging is part of the product & product/service before paying a particular
it is desirable as the physical amount. They type of product may
product itself influence price sensitivity for e.g. essential
• Consumers recognize & distinguish a goods are less sensitive than shopping
product by its packaging goods
Marketing and Branding
What is marketing?
What is marketing?
Marketing can be defined as the management process that is responsible for
the identifying, anticipating & satisfying of customer requirements profitably.
If a business ignores the wants of their customers, they will fail.
Aim of marketing
Aim of marketing
Without proper marketing, companies are not able to get close to their
customers as well as understand them & if the company is unable to do this
effectively, they won’t succeed in growing its market or sales.
Marketing expands into management discipline that helps producers of goods
and services to understand the behavior of their consumers by interpreting
consumers wants, needs & desires & then matching or exceeding them with
sound delivery.
Marketing is central to the business performance as it addresses the largest
aspects of the company’s competitive advantage in the marketplace. Effective
marketing has been used to retain customers, gain more customers, improve a
brand, build sales & generate profits, which can be used to reinvest as part of
the company’s cycle of success.
,Business Studies Chapter 7
PLACE
® Retail
PRODUCT PRICE
® Wholesale
® Design, technology ® Cost-Plus
® Local Export
® Useability ® Loss leader
® Usefulness ® Internet
® Value ® Penetration
® Quality strategy
® Brand
® Warranty
PROMOTION
® Advertising
PHYSICAL EVIDENCE ® Recommenda
® User stories tions
® Recommend ® Special offers
ations ® Gifts
® Office ® User testing
premises
® Buzz
PEOPLE
PROCESS
® Founders
® Service
® Employees
delivery
® Culture
® Complaints
® Customer
® Response
service
time
, Business Studies Chapter 7
The 7p’s of Marketing
The 7p’s of Marketing
Success of marketing relies on addressing critical key issues
• What are we likely to produce?
• What are we likely to charge?
• How do we plan to deliver these goods & services to the marketplace?
• Who is likely to purchase these goods & services?
• How will we go about informing consumers about our products & services?
Marketing mix includes Product, Price, Place & Promotion (4 Ps of marketing).
Companies have added: People, Process & Physical evidence to their mix when
putting a marketing plan together. These 3 elements play a crucial part to the
service industry.
Price:
Product: • Products & services are worth as much as
• A business must ensure that they what consumers are willing to pay for it.
are delivering a product that the Which is known as opportunity cost (what
consumer is able & willing to buy the customer is prepared to give up for
• The correct product must be the product)
created with the view to add value • The price charged by a business, could be
to the consumer. We need to deliver their competitive advantage, meaning the
the product/service in which the best value for money
consumer wants • Price provides the business with a profit
• Products don’t need to be tangible • Price aids to position the business in the
(real) marketplace – the more you charge,
• A business needs to put correct consumers expect quality & value
systems in plc to evaluate what the • Price sensitivity needs to be taken in
consumer is thinking & monitor consideration when you price goods.
consumer behavior – if there is a Existing consumers aren’t price sensitive as
change in the consumer’s needs & you gained their loyalty whereas need
wants, the business needs to adapt consumers require to see the value of the
• Packaging is part of the product & product/service before paying a particular
it is desirable as the physical amount. They type of product may
product itself influence price sensitivity for e.g. essential
• Consumers recognize & distinguish a goods are less sensitive than shopping
product by its packaging goods
