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8. Marketing

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2 topics · 6 learning objectives

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  1. 8.1 Marketing analysis

    1. 8.1.1Elasticity

      • Elasticity - the concept of elasticity of demand: price, income and promotional - calculation of price, income and promotional elasticity of demand - interpretation of elasticity results - the impact of elasticity measures on business decisions - the limitations of the concept of elasticity in its various forms

    2. 8.1.2Product development

      • Product development - the process of product development - sources of new ideas for product development - the importance of Research and Development (R&D)

    3. 8.1.3Sales forecasting

      • Sales forecasting - the need to forecast sales - time series analysis: calculation and use of four period centred moving average method to forecast sales - qualitative sales forecasting - the impact of sales forecasting on business decisions

  2. 8.2 Marketing strategy

    1. 8.2.1Marketing strategy planning

      • Planning the marketing strategy - the contents of a marketing plan: objectives, resources, research, marketing mix - the benefits and limitations of marketing planning

    2. 8.2.2Marketing strategy approaches

      • Approaches to marketing strategy - the need for the marketing strategy to be consistent with the business, the product and the market - the need for and development of a coordinated marketing strategy - the development of marketing strategies that are focused towards achieving specific marketing objectives - the changing role of Information Technology (IT) and Artificial Intelligence (AI) in marketing

    3. 8.2.3International marketing

      • Strategies for international marketing - the implications for marketing of increased globalisation and economic collaboration - the importance of international marketing for a business - international markets - identification, selection and entry - whether a business in a given situation should develop an international market through pan-global marketing or maintain local differences - choosing a strategy, in a given situation, to develop a global market - the factors influencing the method of entry into international markets