Marketing and advertising

Abstract

In the last chapter we considered the various types of business organisations. Most business organisations exist to make money. A business uses its resources, i.e. labour, money and materials, to produce a product or a service that the consumer wants. The successful business is usually the one that produces or provides what is required at a price that can be afforded using the minimum costs. It needs market research to find out what product or service is likely to be required, and to bring the product or service to the attention of the consumer often requires advertising. In this chapter we will deal with the ways in which businesses try to find out what consumers want and also look in detail at advertising. The following example will be used to explain the role of marketing, market research and advertising.