Task 2 – Market Research
Marketing (2.1)
Marketing involves researching customer requirements in terms of using the four Ps; this combination of factors helps the business sell a product.
- Developing and designing a product customers desire, producing the right amount and to the right quality specifications
- Using a price that they find acceptable but allows the business to make a profit
- Finding out what types of promotional methods attract
- Making sure that the product is on sale in places convenient for the customer to buy it
Marketing is important to the firm as it helps them get their business to what is wanted and needed by the public, finding out what the public want so both parties are profitable, it also builds communication between the business and the customers. Marketing is also important as it helps a business identify potential profiting products that customers would purchase, it helps you to identify what types of products the customers would buy to see if you can charge a higher price – therefore profit becomes greater.
