HSC Business Studies Marketing

Summary:

This HSC Business Studies Marketing note is an invaluable resource for students studying the HSC Business Studies course. Authored by a high-achieving student with an impressive ATAR of 93.85 and who ranked first in their course, these notes provide detailed coverage of the entire Marketing topic. Spanning 19 pages, the notes offer a combination of theory, examples, and diagrams to enhance understanding.

Covering essential areas such as market research, product development, pricing strategies, promotion, and distribution, these notes provide a comprehensive overview of Marketing principles and techniques.

Excerpt:

HSC Business Studies Marketing

Role of Marketing
Marketing is the total system of interacting activities designed to plan, promote and distribute products to present to potential customers

Marketing is the function that translates the strategic goal of profit maximisation (generating sales) into a reality. It is about finding out who your target market is and providing them with the products and services they demand. Customers should be central to the marketing plan. Role of Marketing
● Marketing is the process of developing a product and implementing strategies aimed at correctly promoting, pricing and distributing the product to a core group of customers to generate sales/revenue and increase awareness of the products
● Marketing involves:
○ Research and implement strategies
○ Researching consumers’ tastes and preferences
○ Developing a product that improves consumers’ standard of living
○ Determining a price that is consistent with customer expectations
● Strategic role of marketing
● Strategic role of marketing is to translate its goal (e.g. profit maximisation, market share) into reality through implementing a marketing plan
● Marketing is the revenue-generating activity of the business
● Marketing plan: a document that outlines activities aimed at achieving goals short, medium and long term that is customer focused and should include:
○ Where the market is
○ Who will buy the product
○ Why will they buy the product
○ How often will they buy the product
● Interdependence with other key business functions
● Marketing concept- a business philosophy that all sections of the business are involved in satisfying a customer’s needs and wants whilst achieving the business’ goals
● Marketing is crucial to all other functions because it generates funds, but the decisions of other functions affect the tasks of marketers