📣 What is marketing?
Big Idea: Marketing is the process of identifying, anticipating and satisfying customer needs — profitably. It's not just advertising — it covers everything from finding out what people want to getting the right product to them at the right price! 🎯
The role of marketing
Marketing connects the business to its customers. Without it, even the best product won't sell.
- Identifies what customers want and need
- Helps develop products that meet those needs
- Sets the right price, chooses the right place and promotes effectively
- Builds relationships with customers to encourage loyalty
Marketing isn't just selling or advertising — it's the WHOLE process of understanding and serving customers. 🔄
📦 vs 🤝 Marketing goods vs services
Marketing a physical product is different from marketing a service.
- Goods are tangible — customers can see and touch them before buying
- Services are intangible — customers rely on reputation, reviews and trust
- Services are harder to standardise — each experience can vary
- Services often require the extended marketing mix (7 Ps instead of 4)
Example: Marketing a smartphone focuses on features and design (tangible). Marketing a gym membership focuses on experience, staff and atmosphere (intangible).
Exam tip: If the case study business sells services, think about people, process and physical evidence — not just the basic 4 Ps.
Memorize terms 3x faster
Smart flashcards show you cards right before you forget them. Perfect for definitions and key concepts.
Try Flashcards Free7-day free trial • No card required
🧭 Market orientation vs product orientation
Market orientation
The business finds out what customers want first, then develops a product to match.
- Uses market research to guide decisions
- Products are designed around customer needs
- Lower risk — you know there's demand before you start
- Most modern businesses take this approach
Product orientation
The business develops a product first based on what it thinks is good, then tries to sell it.
- Focuses on innovation and product quality
- Can lead to breakthrough products (think of revolutionary tech gadgets)
- Higher risk — customers might not want it
- Works best for highly innovative or luxury brands
Market orientation = 'What do customers want?' Product orientation = 'Look what we made!' Most businesses succeed with market orientation. 🎯