Page 37 - F1 - AB Integrated Workbook STUDENT 2018-19
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Business organisation and structure
Marketing
4.1 What is meant by marketing?
Marketing is defined by the Chartered Institute of Marketing as ‘the management
process that identifies, anticipates and supplies customer needs efficiently and
profitably.’
The key emphasis is thus on customer needs:
Identifying and anticipating needs – market research
Supplying customer needs – product design and
Efficiency – distribution
Profitability – pricing decisions and promotion
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