ZIMSEC O Level Business Studies Notes: Marketing:Introduction

  • Is the business/organisational function concerned with identifying, anticipating and satisfying consumer needs and wants at a profit
  • The marketing process involves market research to identify consumer needs and wants
  • Once these needs are identified the organisation then satisfied by creating/providing products at the best possible price thus attaining a profit
  • Marketing also involves activities such as┬ápackaging and running promotions
  • Firms have varying attitudes when it comes to marketing
  • Naturally not all organisations see it the same way
  • Market orientation-relates to a perception or attitude a firm holds towards its product or service, essentially concerning consumers and end-users
  • There exist several common orientations:
    1. Product orientation
    2. Marketing orientation
    3. Sales orientation
    4. Production orientation
    5. Marketing orientation

Product orientation

  • A product oriented firm is chiefly concerned with the quality of its products
  • The assumption is that if the product is of good quality customers will buy it
  • Product orientation is seen as the traditional approach of firms

Marketing orientation

  • It is a contemporary philosophy
  • It involves an organisation basing and executing it’s plan along marketing principles
  • The organisation/business first identifies consumer needs and wants
  • Products are made in order to satisfy these needs and sold at a profit

Sales orientation

  • Here the firms focuses mainly on selling the product
  • Advertising and selling techniques are developed in order to make the product more appealing to the consumer and thus induce them to buy
  • This involves creating selling and promotional techniques to sell an already existing product
  • This might involves sales and discounts

Production orientation

  • A production oriented firm focuses mainly on its production process
  • The aim is to make the product as efficiently as possible and in the highest numbers possible
  • This allows the business to take advantage of economies of scale

NB A business may adopt a different approach depending with the product.

To access more topics go to the O Level Business Notes