Business Decision Areas I:
Marketing and Operations
MARKETING: STUDENT NOTES
Section 1: Marketing
What is a market?
A market can be defined as a meeting place for buyers (consumers) and
sellers. Markets can be set up in a shop, restaurant, over the telephone/
internet, at a car boot sale, etc.
A market consists of the individuals or organisations who are actual or
potential buyers of a product or service. Markets may be classified as
consumer markets or industrial markets.
Consumer markets are made up of individuals who purchase goods or
services for personal or domestic use. They make most of their purchases
from retailers and buy a combination of consumable goods, such as food and
durable goods such as cars, televisions, and clothes. Consumable goods are
bought more frequently than durable goods.
Industrial markets are made up of organisations that purchase goods or
services to use in the production of other goods and services. They buy a
combination of consumable goods, such as raw materials and longer-lasting
durable goods, such as machinery and equipment.
What is marketing?
Marketing Manager Required
Here is your chance to influence the spending habits of a discerning
sector of the population and manage a world-famous cosmetics
company. Reporting to Senior Management, you will develop and
implement a marketing strategy for a range of brands. You will have
responsibility for market research, promotion and advertising, direct
mail activity and preparation of publicity material. Additional
responsibility will be for new product development and branding in
order to expand our market base.
The marketing activities contained in the above job advertisement are
italicised in the text.
The Chartered Institute of Marketing defines marketing as ‘the process
involved in identifying, anticipating and satisfying consumer requirements