Business Revision 4

What is marketing?

Marketing is the identifying the needs of costomers and attempting to satisfy them

What is selling?

Selling is concerned with exchanging the product for cash.

What should be identify to know your market?

• Target Market

• Pricing of product

• Customers’ tastes and preferences

• Competitors

• Advertisement media

• Channel of distribution

What is market research?

Market research is the process of collecting and analysing data about customers and the market

Give four importances of market research

• Help to identify the needs and wants of the customers.

• Helps enterprise to respond quickly to the changes in needs and wants.

• Help a business to plan its activities

• Helps an entrepreneur to laucnch new products with greater confidence

Give the 4 elements of marketing

• Product

• Price

• Promotion

• Place

What is a product?

Product refers to the goods and services produced by an entreprise to satisfy customers’ neds o wants

What is a marketable price?

A marketable product is a product which consumers needs and will be ready to buy

Give the five features of a marketable product

• Attractive packaging

• Convenient to use and user friendly

• Affordable

• Provides customer satisfaction

• Good labelling practices

What is price?

Price refers to the amount of money paid by the customers when buying goods or sevices.

Give the five factors to consider when setting the pricing?

• Penetration pricing, setting low prices

• Premium pricing, High price for high quality

• Cost plus pricing, adding up cost per unit % of profits

• Promotional pricing, reducing the price fir a short period of time

• Competitive pricing, Setting price to similar products in the market