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Marketing A Market Is A Place Where Buyers And Sellers/Consumers Meet Shop The A internet farmers market 2 Types of markets Consumers markets Industrial markets Marketing “The management process involved in identifying, anticipating and satisfying consumer requirements profitably” Customer Consumer The customer buys the product (could be another business or individual) The end user Marketing is not just: Advertising and Selling It is a process which requires the organisation to give full considerations to satisfying consumer wants. Marketing activities include decisions on research, pricing, distribution, the product itself and any promotional activities to support the sale A Tale of 2 Industries US car industry The Swiss watch manufacturer, Swatch Product Oriented A product oriented business is one that produces goods (services) without researching the demand or viability of these goods It is more concerned with production than sales Puts its effort in establishing consumer wants rather than actually identifying what they want Market oriented This is a business that produces goods (services) in line with the findings of extensive research. They are continually analysing and reviewing consumer wants Done by carrying out market research Product development is costly and time consuming It is used to minimise the risk of a product failing Sony – Walkman The Walkman was developed after market research highlighted the fact that people wanted to be able to listen to music as they travelled Today …. Higher Intermediate 2 Read pages 78-80 Read pages 6-8 Answer questions 1-6 Answer question E2