Nqbm marketingJW & EC Jan 20091 Marketing is the anticipation and identification of consumer wants...

nqbm marketing JW & EC Jan 2009 1

Marketing is the anticipation and

identification of consumer wants and needs.

Marketing must satisfy these wants in order to

make a profit.Learn this definition!


This is done by…..

Carrying out research to find out what customers want

Researching and developing products

Deciding on suitable packaging Deciding where to sell products Deciding on a suitable price


Role and Importance of Marketing

The purpose of marketing is to: Help raise awareness of products and services Help raise the organisations profile Encourage customers to purchase Target new customers Allow an organisation to know what customers

want Assist with monitoring changing tastes and

trends Allows an organisation to meet is strategic

objectives


Objectives of Marketing

Marketing is linked to the overall objectives of an organisation.

The objectives of marketing are to: Target new markets ( new groups of

people) Increase profitability Increase sales Maintain current market share Improve the image of the product or

organisation


Importance of Marketing

Marketing is important to all types of organisations.

A charity need to advertise to encourage donations

A council will advertise to encourage local residents to use services and promote the area

Private companies will use marketing to increase sales and profits


Task

Read pages 45-47 of the student notes Create a mind map or spider diagram

summarising the importance of marketing for different types of organisations.

Council Charity Private company


This is an approach to business where a company first produces a product and then tries to persuade customers to purchase it

The company does not conduct any market research before production commences

This is suitable where the product is unique and has no competition

Product Led


Market Led This approach does market research

to find out consumers’ wants and needs and then produces a product or service to meet those needs

The advantages of this approach are: consumers are more likely to buy the product

if it meets their needs more likely to anticipate and meet changes in

consumer demands able to change its product or develop new

products easily


Market Share and Market Growth

Market share is a firms percentage of all the sales in the market (eg Coca Cola has 45% share of Cola drinks market)

Market growth takes place when the total number of people buying a product or service increases in the whole market.


QUESTIONS FOR YOUR JOTTER

1. While doing research and development, a company discovered a glue which although sticky could be easily peeled off. They decided to develop this glue and it is now used for labels and ‘Postits’.

a. Identify the type of orientation is this an example of.b. Justify your answer.c. Name another example of this type of orientation.

2. Before introducing a new chocolate bar, Cadbury’s carried out extensive market research.

a. Identify the type of orientation is this an example of.b. Justify your answer.c. Describe the advantages of this type of orientation.

Nqbm marketingJW & EC Jan 20091 Marketing is the anticipation and identification of consumer wants...

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