SECTION 6:

Notes

SECTION 6: MARKETING – STUDY GUIDE (CXC POB) • Market and Marketing A market is a place, either physical or online, where buyers and sellers interact. Marketing involves identifying, anticipating, and satisfying customer needs profitably. • Marketing Activities Key activities include market research, product development, pricing, promotion, and distribution. • Marketing Approaches A product-oriented approach focuses on the product and production efficiency, while a market-oriented approach emphasizes customer needs and wants. • Market Research This involves collecting and analyzing data about consumers, competitors, and the overall market. Types include primary research (surveys, interviews) and secondary research (reports, online data). • Consumer Behaviour Consumer behaviour is influenced by income, preferences, culture, trends, advertising, and peer influence. • The Marketing Mix Product: Features, design, packaging, branding. Price: Penetration, skimming, and competitive pricing strategies. Promotion: Advertising, sales promotion, public relations, personal selling. Place: Distribution channels, retail locations, online platforms. • Consumerism Consum...