Business: Marketing (Matric notes)
What is marketing?
- Responsible for identifying, anticipating and satisfying
customer needs
- Developing the necessary tools to optimise the business’s
marketing position
- Finding the right product/service at the right time/place
and the right price
The 7 P’s of Marketing:
• Success of marketing depends on:
- what are we likely to produce?
- What are likely to charge? (also opportunity cost)
- How do we plan to deliver goods and services to the
market place?
- Who is the target market?
- How will we inform consumer about our products and
services?
• Product • Place
- Ensure to deliver product - Where consumer buys
that consumer is able and the product
willing to buy - Product must be
- Must be created to add available at right time
value to consumers lives and must be good
(must understand different quality
categories of products) - Decide whether
- Need to constantly product available
evaluate consumers intensively, selectively
behaviour (see if there is or exclusively
a change in wants and - Franchising – gives
needs – must adapt sense of reassurance
- PACKAGING!! - Display of product
(window, internet)
, • Price
- Only worth what customer is • Promotion
willing to pay (opportunity cost) - Way the business
- Competitive advantage – not communicates what they do
cheapest but best value and what they offer
- Need to provide profit – only - Branding, advertising,
revenue aspect of marketing personal sales, public
- Higher quality = higher position relations, exhibitions,
in marketplace specials
- Price sensitivity – new - Gaining correct level of
customers want to test quality attention, with consistent and
before buying appealing – customer must
- Competitive: prestige (above choose you over competitor
market value) and discounted - Communicate with
(below market value) stakeholders – high level of
- Psychological/odd pricing (199 transparency
instead of 200) – superficial
discounting
Service marketing:
• People
- Brand reputation – affected by people connected to the business
- Employee: face of the business (service)
- Not separate from service
- Train employees correctly
- Aftersales service and advice – add value to product or service
• Process
- Crucial to customer satisfaction
- Need correct systems that work – customer doesn’t care about
running the business
- Design system around best experience for customer
What is marketing?
- Responsible for identifying, anticipating and satisfying
customer needs
- Developing the necessary tools to optimise the business’s
marketing position
- Finding the right product/service at the right time/place
and the right price
The 7 P’s of Marketing:
• Success of marketing depends on:
- what are we likely to produce?
- What are likely to charge? (also opportunity cost)
- How do we plan to deliver goods and services to the
market place?
- Who is the target market?
- How will we inform consumer about our products and
services?
• Product • Place
- Ensure to deliver product - Where consumer buys
that consumer is able and the product
willing to buy - Product must be
- Must be created to add available at right time
value to consumers lives and must be good
(must understand different quality
categories of products) - Decide whether
- Need to constantly product available
evaluate consumers intensively, selectively
behaviour (see if there is or exclusively
a change in wants and - Franchising – gives
needs – must adapt sense of reassurance
- PACKAGING!! - Display of product
(window, internet)
, • Price
- Only worth what customer is • Promotion
willing to pay (opportunity cost) - Way the business
- Competitive advantage – not communicates what they do
cheapest but best value and what they offer
- Need to provide profit – only - Branding, advertising,
revenue aspect of marketing personal sales, public
- Higher quality = higher position relations, exhibitions,
in marketplace specials
- Price sensitivity – new - Gaining correct level of
customers want to test quality attention, with consistent and
before buying appealing – customer must
- Competitive: prestige (above choose you over competitor
market value) and discounted - Communicate with
(below market value) stakeholders – high level of
- Psychological/odd pricing (199 transparency
instead of 200) – superficial
discounting
Service marketing:
• People
- Brand reputation – affected by people connected to the business
- Employee: face of the business (service)
- Not separate from service
- Train employees correctly
- Aftersales service and advice – add value to product or service
• Process
- Crucial to customer satisfaction
- Need correct systems that work – customer doesn’t care about
running the business
- Design system around best experience for customer
