Business Studies·The market and marketing · NSSCO 4.1
The market, marketing & market segmentation
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Every business lives or dies by one thing: does anyone actually want what it sells? In this lesson we learn what a market really is, what marketing really means (it is far more than advertising), how a business finds out and meets what customers want, and how it slices the whole market into smaller groups called segments. We finish with the big choice every firm makes — to start with the customer, or to start with the product.
What you'll learn in this lesson
By the end you should be able to (NSSCO Business Studies 4.1):
- Explain the meaning of a market and marketing
- Explain how businesses identify and meet the needs of customers
- List the objectives of marketing
- Describe how businesses divide the market into segments e.g. by product, region, purpose, price, age, gender and make a justified decision which segment to enter in particular circumstances
- Distinguish between market orientation and product orientation
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Miss Maria and Mike talk through the whole topic — with the figure and working drawn live.