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How do you find out... Think of the various ways that you find out about a new product. Finding out about new products... Lesson Objectives To know and understand what is meant by the term ‘marketing’. To understand why marketing is important to business. What is Marketing? Marketing is about knowing and understanding your customers. When a business decides to develop a new product it will begin by looking at its customers and identifying what they need / want. (Research Stage) They will then create the product and inform / persuade the customer to buy it. (Selling Stage) Continued... A company who takes the time to understand the needs and wants of the customer will produce successful products. This is because they will not produce things that customers don't need or don't want! A business that does not take the time to understand the customer will fail. Task 1 Answer the following questions: What is marketing? What must a business do BEFORE it produces a new product. Why??? Why is marketing important to a business? Task 2 The second stage of marketing is the selling stage. How do these businesses inform you of their products. Do you think the methods they use are good? How else do you think they could inform you of their products?