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Business Studies
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- 1Define marketing.The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
-AMA - 2What are the four main features of marketing?1. Involves a wide range of activities.
2. Is directed at a wide range of goods, services, and ideas.
3. Stresses the importance of satisfying exchanges.
4. Is not limited to the activities of a business. - 3Distinguish between 'selling', 'advertising', and 'marketing'.Marketing is a broader concept driven by customer demand.
Selling is a part of marketing, which includes persuading a customer to buy a product from the seller.
Advertising is a form of marketing communication where customers receive audio or visual messages on goods, services, and ideas, that are openly sponsored and not personal, with the intention of promoting or stimulating demand. - 4Define the term 'marketing concept'.The marketing concept is a philosophy that states all sections of a business are involved in satisfying a customer's needs and wants while achieving the business's goals.
'The marketing plan needs to be integrated into all aspects of the business with marketing strategies playing a major role in all business activities.' - 5In what year was the production approach used?1920-1960
During the Industrial Revolution - 6What did the production approach focus on?It focused businesses on the production of goods and services. The production design was based on the demands of mass production techniques rather than what the customers wanted.
- 7Why was the sales approach (1920-1970)
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- Descripción
- Topic 2 and 3 of Business Studies in Action 5th edition textbook. Focuses on marketing and finance within the business.
- Creado por
- Elizabeth Valesimede
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