Business studies coursework - Marketing.

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Business Studies Coursework

Task 2

What is marketing?

There are many factors, which must be considered when marketing is involved. Marketing is a procedure used by businesses to make their products or services meet the requirements of the market, it is also used to make the market aware of them, and a way to know if the market wants to buy their product or service.

There are buyers and sellers everywhere. A market is used to bring buyers and sellers together so that an exchange of goods or services can take place at a price.

A market can come in many forms it can be outside on the streets, in a auction room, in newspapers which advertises goods and services for sale, over the telephone and many more. A market can only exist when some people want to buy and others wants to sell, so if there were no one to buy or sell a product or service then there would be no market.

In order to make a business successful, the business must have good marketing strategies. Before a person decides to set up a business, many decisions have to be made such as:

  • What market segment do they want to be in?
  • Are they market oriented or product oriented?
  • Have they considered the four P’s?

What is a market segment?

Market segmentation is a method of dividing up the market, into smaller subgroups. An example is that products like sports wear may appeal to one group like young people, while more formal clothes may appeal to older people. This means that the market will be broken up by age. This is very important when advertising, as different adverts will apple to different people in each group.

Product-oriented vs. Market-oriented business

A product-oriented business is when the product is produced first, then a market is found. Businesses rarely use this type of marketing. Companies that use this type of marketing, usually make basic products needed for life. In some cases though, a product must be made first before a person realises that they need it. This is normally the case when new technology is involved.

A market-oriented business is when a business will find what product people want and then sell it to them. This normally involves market research. This is where the business will identify what the customer wants. These types of business normally survive longer, as they are able to adapt to what the customer wants.

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What are the four P’s?

The factors involved in marketing a product can be grouped into four main categories:


  • Product: this is considered as the most important out of the four P’s, if the product is a success it is more likely that the business will also surely be a success.

  • Price: this is an important factor, if the price is too much the business would not attract many customers, if the price is too low the business will not make as much profit. The best way to avoid such problem is ...

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