Marketing Basics and Strategy

Notes

SECTION 6: MARKETING – STUDY GUIDE (CXC POB) 1. Market and Marketing • Market – a place (physical or online) where buyers and sellers interact. • Marketing – the process of identifying, anticipating and satisfying customer needs profitably. 2. Marketing Activities • Market research • Product development • Pricing • Promotion • Distribution 3. Marketing Approaches • Product-oriented – focus on the product and production efficiency. • Market-oriented – focus on customer needs and wants. 4. Market Research • Collection and analysis of data about consumers, competitors and the market. • Types: - Primary research (surveys, interviews) - Secondary research (reports, online data) 5. Consumer Behaviour • Influenced by income, preferences, culture, trends, advertising, and peer influence. 6. The Marketing Mix Product: Features, design, packaging, branding. Price: Penetration, skimming, competitive pricing. Promotion: Advertising, sales promotion, PR, personal selling. Place: Distribution channels, retail locations, online platforms. 7. Consumerism • Protection of consumers through laws and advocacy. 8. Intellectual Property • Protects creative works (patents, trademarks, copyrights).