Page 140 - Cambridge IGCSE Business Studies

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Section 3:

Marketing

In this section you will learn about the role of marketing in business.
Most businesses operate in markets that are constantly changing due to
changes in the needs and wants of consumers, increased competition,
legal controls and developments in technology.

As a consumer you, your family, friends, in fact all of us, affect the marketing
activities of businesses. Businesses need to find out our needs and wants and
they do this through market research. The results of market research then
influence the marketing mix: decisions about the products a business will
produce and sell, the price it will charge, how these goods will be promoted and

the place they will be offered for sale. These marketing decisions are combined
into a marketing strategy and will influence the decisions of consumers. Will

they buy the product? How many will they buy? How often will they buy the
product? Businesses may look to enter foreign markets to achieve market
growth. This opportunity presents businesses with another set of problems
which they need to overcome if they are to successfully compete in global
markets.