Business Studies Marketing Notes (HSC)

Summary:

Marketing connects customer needs with business products and is crucial for achieving business goals. It has evolved over time, and modern approaches focus on customer needs and consumer sovereignty. Various types of markets exist, serving different purposes and clientele. Factors influencing customer choice include psychological, sociocultural, economic, and government factors, with consumer laws and ethical considerations ensuring customer protection and responsible marketing practices.

The marketing process involves situational analysis, market research, establishing objectives, identifying target markets, developing strategies, and implementing, monitoring, and controlling the marketing plan. Marketing strategies include market segmentation, product/service differentiation, positioning, branding, packaging, pricing, promotion, place/distribution, people, processes, physical evidence, e-marketing, and global marketing. These elements combine to create effective marketing plans and achieve desired results.

Excerpt:

Business Studies Marketing Notes (HSC)

Marketing
Marketing: the process that connects customer wants with business products.

Role of Marketing
• Strategic role of marketing goods and services
Marketing helps a business to achieve its goals by satisfying the needs and wants of present and potential customers.

The strategic marketing process involves the planning, pricing and promotion of a business’s products, as well as the distribution and serving of the product.

• Interdependence with other key business functions
Marketing and operations
With production development, the development process involves: identifying a market opportunity and creating a product that will appeal to the market.

Marketing and Human Resource Management
Marketing covers the strategies of the business for pricing and sales, as well as the management of the sales team. Marketing relies on the human resource management function to hire, train and develop employees who work in selling the business output. It is the responsibility of well-trained marketing employees to connect customer success with the products of the business.

Marketing and Finance
The finance function assists the marketing function with the product design and development process and provides assistance and information with developing a marketing plan.