3.1.1 The Role of Marketing

Learning Outcomes

• To be able to define marketing• To understand why identifying and satisfying

customer needs are important• To understand why building and maintaining

customer loyalty is important

Starter

• Watch the Sinclair C5 video

• What things went wrong?

What is a market?

• A place where buyers and sellers come together

What is Marketing?

• The process of IDENTIFYING and SATISFYING consumer NEEDS and WANTS PROFITABLY.

Marketing Objectives

• Growth• Increasing or maintaining market share• Making a profit• Increase consumer awareness• Improve the product range

Task 1

• Anticipating market opportunities