SECTION 6: MARKETING

Definitions

1. Market- This is any situation which brings buyers and sellers into contact in order to
transact business. For example, a market can be established via telephone, face-to-face or
online (including social media such as Facebook, Watts App and Instagram).

2. Marketing- This refers to all the activities which the business engages in so as to satisfy
consumer needs and wants profitably. For example, pricing and advertising.

Social Media Marketing is very popular nowadays. It is relatively cheap and can reach a wide
target market (locally, regionally and internationally). Many small businesses are able to
successfully compete against larger businesses via social media marketing.

Integrated Marketing is where the business sends the same message and maintains the same
image to customers whilst using various advertising media e.g. Digicel’s use of television, radio,
newspaper and online media.

Marketing Activities

1. Market Research-This involves finding out what consumers need and want from a good
or service. It may take the form of observation, surveys and interviews. Market research
seeks to get answers about:

a. Consumer taste e.g. what flavor of fruit juice do you prefer?

b. Competition e.g. how many other fast food restaurants are located in Sangre Grande?

c. Consumer behavior e.g. what time of year do consumers purchase turkey most?

2. Pricing- This involves setting the price of a product so as to achieve the business’s objectives
e.g. to maximize profit or to gain market share.

3. Packaging- This is the outer wrapping or container for a product. The major function of
packaging is to protect the product e.g. cardboard boxes, aluminum foil, paper, plastic and glass.
Packaging also promotes the product e.g. brand names, logos and colors.
4. Branding- This involves the use of a word, group of words or symbol so as to make a product
easily identifiable to customers and to distinguish one firm’s product from that of another firm
e.g. Nike, Nissan, B-Mobile.

5. Advertising- This is used to communicate with the consumer. Advertising is used to inform
and to persuade the consumer to purchase a product. Advertising media may include
newspapers, word-of-mouth, radio, television, flyers, billboards, websites and social media.

6. Sales promotion- This is used to supplement advertising and increase short-term sales of a
product e.g. Boxing Day and Valentine’s Day sales promotions such as discounts.

7. Distribution- This involves getting the right product to the right consumer at the right place
and the right time e.g. sea, air and land methods.