QuestionQuestionConceptConceptDocumentDocument

3. Marketing

Start with Concept to understand a topic, then use Question Bank to check what you know.

3 topics · 17 learning objectives

Your progress

Sign in to see your mastery and mistakes.

  1. 3.1 The nature of marketing

    1. • The role of marketing and its relationship with other business activities - marketing objectives - the link between marketing objectives and corporate objectives

    2. • Demand and supply - the factors influencing the demand for and supply of the products of a business - interactions between demand, supply and price

    3. • Markets - how markets may differ: consumer and industrial markets; local, national and international markets - the difference between product orientation and customer (market) orientation - measurement of market share and market growth - the implications of changes in market share and market growth

    4. • Consumer and industrial marketing - the classification of products - how marketing might differ for consumer products (B2C - business to consumer) and industrial products (B2B - business to business)

    5. • Mass marketing and niche marketing - the features of mass and niche markets - the advantages and disadvantages of mass marketing and niche marketing

    6. • Market segmentation - methods of market segmentation: geographic, demographic and psychographic - the advantages and disadvantages of market segmentation

    7. • Customer relationship marketing (CRM) - the aims of CRM - the costs and benefits of CRM

  2. 3.2 Market research

    1. • The purposes of market research - identification of main features of a market: size, growth, competitors - identification of customer and consumer characteristics, profiles, wants and needs

    2. • Primary research and secondary research - the distinction between primary research and secondary research, and the main features of each - usefulness of data collected using primary research methods - usefulness of data collected from secondary research sources

    3. • Sampling - the need for and limitations of sampling

    4. • Market research data - the reliability of the data collected - analysis of quantitative and qualitative data - interpretation of information presented in tables, charts and graphs

  3. 3.3 The marketing mix

    1. 3.3.1Marketing mix elements

      • The elements of the marketing mix (the 4Ps) - the 4Ps: Product, Price, Promotion, Place (distribution channels)

    2. 3.3.2Product

      • Product - the difference between goods and services - tangible and intangible attributes of products - the importance of product development - product differentiation and unique selling point (USP)

    3. 3.3.3Product portfolio analysis

      • Product portfolio analysis - product life cycle and decisions about extension strategies - Boston Matrix analysis and its uses - impact of product portfolio analysis on marketing decisions

    4. 3.3.4Pricing methods

      • Pricing methods - objectives and usefulness of different pricing methods: competitive, penetration, skimming, price discrimination, dynamic, cost-based and psychological

    5. 3.3.5Promotion methods

      • Promotion methods - the objectives and usefulness of different promotion methods - advertising promotion - sales promotion - direct promotion - developments in digital promotion - the role of packaging in promotion - the role of branding in promotion

    6. 3.3.6Place and distribution

      • Place (channels of distribution) - the objectives and usefulness of different channels of distribution - digital and physical distribution