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Business Studies for Secondary Schools
(c) Interview business owners and/ (c) Discuss lessons, gaps and
or customers, asking about the possibility of business continuity
following 4Ps of marketing: by clearly stating the reasons.
(i) Product: What is sold? What
features do customers like or Chapter summary
FOR ONLINE READING ONLY
dislike?
(ii) Price: What is the price range? 1. Most people think marketing as
Do customers find it affordable? only concerned with selling and
advertising, but marketing is broader
Strategies used in pricing than that.
(iii) Place: Where is the product 2. Marketing is a social and managerial
sold? Is it easy to access? Map process whereby businesses develop,
the distribution channel offer, and exchange valuable goods
(iv) Promotion: How do customers and services with either individuals
hear about the product? or groups or organisations, satisfying
(d) Analyse information collected and their needs and wants. A market is not
select the most promising business just a place, area, or product but rather
idea. a situation that brings together buyers
Step 2: and sellers to exchange something of
(a) Create a brochure for your business value.
showing your brand name, logo, 3. A market is any arrangement that
and slogan. brings buyers and sellers together,
(b) Choose 2–3 promotion methods in person or remotely, to exchange
that you will use to market your goods and services.
good or service, such as flyers, 4. The marketing mix is a key
posters, word of mouth, and live combination of elements used by
demonstrations. companies to market their products
(c) Use the cost-based pricing method effectively; it includes seven (7)
to determine your final selling price elements: product, price, place or
distribution, promotion, people,
Step 3: process, and physical evidence.
(a) Present and promote your product 5. Price is the amount a buyer is willing
or service in a marketing campaign to pay for the product, and pricing
to either your classmates or the
whole school includes all activities involved in
(b) Observe how people react, who setting it. The common bases for
shows interest, and what questions setting product prices are product
they ask. Use this feedback to cost, demand, and the level of
improve your business idea. competition.
Student’s Book Form Three 26
