Essay by yuivyHigh School, 11th gradeD, August 2006

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Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchange that satisfy individual and organisational objectives.

Purpose of marketing:

Bring the buyer to the seller

Satisfy existing customer wants

It is a revenue generating activity of the business

Types of markets:

Resource market - primary production markets

Industrial market - businesses that purchase products to use in their production

Intermediate markets - wholesalers and retailers

Consumer markets - individuals who plan to use or consume the products that they buy.

Mass market - the seller mass-produces, mass distributes, and mass promotes one product to all buyers.

Niche markets - is created when the mass market is finely divided into smaller markets consisting of buyers who have specific needs or lifestyles.

Approaches to marketing

The production approach

Emphasis on producing goods

Demand is greater then supply

The sales approach

Emphasis on selling goods

Demand is less strong

The marketing approach

Emphasis on marketing the product

Supply is greater then demand

Customer orientation occurs when a business bases its marketing decisions on its customers wants.

Elements of a marketing plan

Performing a Situational analysis

Establishing market Objectives

Identifying Target market

Developing marketing Strategies

Implementing, Monitoring and controlling the marketing plan.


Situational Analysis

SWOT analysis

Determine what the businesses strengths and weaknesses are, along with possible opportunities and threats.

Product Life Cycle

Determine what stage the products are in, introduction, growth, maturity, decline or regrowth.

Marketing Objectives

Increasing market share

Expanding product range

Product mix - total range of products

Product mix width - number of different product

Product mix depth - number of similar products

Broadening the geographical representation

Expanding sales through export markets

Target markets

A target market is a group of customers with similar characteristics who...