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Business Studies for Secondary Schools

developing goods and services that meet return. Despite the various definitions, they
those needs and wants, setting appropriate all emphasise identifying or anticipating
prices, promoting and distributing the customer needs and wants and fulfilling
products as well as building long-term them effectively.
relationships with the target market to
ensure continuous success and brand
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growth. Activity 1.2

Therefore, marketing is a social and
managerial process whereby businesses Set up any business in your community.
develop, offer, and exchange valuable Where would you place your business
goods and services with either individuals, and why? How would you attract
groups, or organisations satisfying their people to buy your products?
needs and wants. It can also be defined as
the means by which organisations identify
unfulfilled consumer needs and wants, The concepts of “market” and
transforming them into opportunities “marketing” are related but are not the
to satisfy customers while achieving same. The following are the differences
business or organisational objectives.
between the two:
Furthermore, marketing refers to all (a) A market is any arrangement that
activities undertaken by a business or brings buyers and sellers together,
organisation to promote the process of in person or remotely, to exchange
buying or selling of goods and services. goods and services. Marketing is a
Such activities include packaging,
grading, financing, storing, advertising, set of activities like financing, storing,
selling, and delivering goods and services. packaging, pricing, advertising,
It is also referred to as the process of promotion, and grading the goods
fulfilling human needs by making goods and services that identify, create,
and services available in the correct form, communicate, and supply consumers’
at the right time, and in the right place. needs;
Additionally, marketing involves all the
processes required to assess consumer (b) The market sets the price of the
demand, address societal needs, product through the interaction
conceptualise and implement effective of demand and supply forces.
solutions to problems. Conversely, marketing is a process
that analyses, creates, informs, and
Additionally, marketing is often described
as how businesses create value for delivers value to customers;
customers and build strong customer (c) The market varies by product, place,
relationships, ultimately capturing value in and other factors as opposed to

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