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Summary: Cambridge International As And A Level Business | 9781471841460 | Malcolm Surridge, et al
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Read the summary and the most important questions on Cambridge International AS and A Level Business | 9781471841460 | Malcolm Surridge; Andrew Gillespie
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9 what is marketing
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9.1 the role of met
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when does effective marketing occur?
when a firm fully understands the requirements of its customers and is able to meet these needs successfully -
why is marketing an ongoing process?
1.Because customers need change over time
2.the business environment can change,
3.New competitors or competitors offer their own
4. A firm's own strength changes and develops -
a formal definition of marketing should include:
1.That it is an exchange process
2. It is mutually beneficial
3. It aims to identify and anticipate customers needs
4. aims to delight customers -
why is it important to use effective marketing?
the more effective the marketing, the better the value for customers and the bigger the rewards the business should be able to make -
what are mkt objectives?
a goal the business sets. What it want to achieve and when -
9.2 supply and demand
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the supply of a product depends on ....?
1. the numbers of firm producing
2.the time period
3.Technology
4.costs -
what is a demand curve? (downward)
it shows how much customers are willing and able to buy at each and every price -
The demand of a product depends on..?
1. Income of buyer
2. Price rivals set
3. Price of complementary products
4. marketing activities. -
9.3 features of met
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markets will differ in nature. they will differ in:
1.size
2.number of competitors
3. growth -
what does a product oriented firm?
they focus more on what it can produce and hopes that this will fit with the customers requirements.
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