Business Studies - Marketing The aspects of marketing are highlighted such as market-orientation, product-orientation and asset led along with their definitions and advantages and disadvantages.

1. Marketing
Business Studies
(A Level)

2. The management process involved
in identifying, anticipating and
satisfying customer requirements
profitably.
(Definition)

3. Devise/
Analyse
marketing
strategy
Monitor
customer
reaction/sales
performance
Adapt
marketing
strategies
Re-assess
consumer
reaction/sales
levels

4. Researching the market
Analysing the market
Setting the marketing goals
Developing a marketing strategy
Product
Orientation
Market
Orientation
Asset-Led
Orientation

5. A business bases its marketing mix on what the business
sees as it’s internal strengths(Definition)
Advantages Disadvantages
Increased economies of
scale
Changes in market
structure will not be
responded to
Easier to apply
production management
methods
Fashion and taste aren’t
accounted for
Focus on quality
Focus on product
development

6. A business bases its marketing mix on its perception of
what the market wants. (Definition)
Advantages Disadvantages
• Flexibles to changes in tastes
and fashion
• High cost of market research
• New products designed to
meet customer needs
• Constant internal change
• Decisions are based on
effective market research
• Unpredictability of the future
• Abandonment of earlier
product investment

7. Marketing decisions are based on the needs of the
consumer and the strengths of the business (Definition)
Advantages
• Strengths linked to market
needs
• Maximising return from
assets
• Progressive change
• Quality of output

8. The marketing mix refers to those elements of a
firm’s marketing strategy which are designed to
meet customer needs.
To meet customer needs and have an effective
marketing mix, business must produce the right
product, at the right price, available at the right place
and let customers know through promotion.

9. Product - It must meet consumer needs and so must
pay close attention to specific features.
Price - The pricing policy is often a reflection of the
market.
Promotion - Promotion techniques such as advertising
makes consumers aware of the product.
Place - Where the product is distributed. It must be
right and available for physical distribution.