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3.1 Marketing, Competition and the Customer

3.1.1 The Role of Marketing

Marketing, Competition and the Customer is the introduction to marketing. It includes many of the basic concepts that will come up again and again throughout marketing, and indeed the wider course, so you may already be familiar with many of these ideas.

⭐⭐⭐Top Tip ⭐⭐⭐

Learn a clear definition for each marketing concept, it’s easy to get confused between all of the different terms.

A market is where businesses sell, and consumers buy. Traditionally this has been shops or town centre markets, but markets are increasingly moving online with the growth of sales websites and e-commerce. It’s important to remember that a market doesn’t just connect business with consumers, it also refers to potential consumers, those interested in buying a product or service and who have the financial ability to do so. (In other words enough money)

A target market is when a business aims goods or services at a particular group of consumers.

The customer base is the group of customers who repeatedly buy the goods or services of a business.

Marketing is the process a business undertakes to promote the buying or selling of a product or service and includes advertising, selling, and delivering products to consumers or other businesses. Marketing to other businesses is often referred to as B2B (business to business) so could be a delivery company hired by amazon to send orders to customers, or a company which designs websites for businesses.

 

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Check out Unit 1 Business Activity, Topic Guides, Questions and Solutions