Unit 4 Marketing

4.1.1Market orientation and product orientation

• Distinguish market orientation and product orientation • Market orientation starts with customer needs; product orientation starts with product capabilities

4.1.2Market share

• Calculate and interpret market share • Market share measures a business's sales as a proportion of total market sales

4.1.3Market growth

• Calculate and interpret market growth • Market growth measures change in market size over time

• Analyse the role of marketing planning • Marketing planning aligns research, objectives, strategy, budget, and marketing mix decisions

• Apply segmentation, targeting, target market, positioning, and position maps • STP helps businesses choose customers and communicate differentiated value

• Distinguish niche market and mass market • Niche markets focus on narrow segments; mass markets target broad demand

• Analyse importance of having a unique selling point or proposition (USP) • USP helps differentiate a product or business from competitors

• Evaluate how organizations can differentiate themselves and their products from competitors • Differentiation may use branding, quality, design, service, innovation, price, or distribution

• Evaluate why and how organizations carry out market research • Market research reduces uncertainty and supports marketing decisions

• Apply surveys, interviews, focus groups, and observations • Primary research collects new data for a specific business purpose

• Apply market analyses, academic journals, government publications, media articles, and online content • Secondary research uses existing data from internal or external sources

• Distinguish qualitative and quantitative research • Qualitative research explores opinions and reasons; quantitative research measures numerical patterns

• Apply quota, random, and convenience sampling • Sampling method affects representativeness, cost, speed, and bias

• Analyse the relationship between product life cycle, product portfolio, and marketing mix • Evaluate extension strategies • Analyse the relationship between product life cycle, investment, profit, and cash flow

• Apply branding awareness, development, loyalty, and value • Analyse the importance of branding • Branding affects recognition, trust, differentiation, loyalty, and pricing power

• Evaluate cost-plus or mark-up pricing, penetration pricing, loss leader, predatory pricing, and premium pricing • Pricing method suitability depends on objectives, costs, competition, demand, positioning, and product life cycle

• Apply above the line, below the line, and through the line promotion • Evaluate social media marketing as a promotional strategy

• Evaluate importance of different distribution channels • Distribution channel choice affects reach, control, cost, convenience, and customer experience

• Evaluate importance of employee-customer relationships in marketing a service and cultural variation in these relationships • People shape service quality, brand image, trust, and customer satisfaction

• Evaluate importance of delivery processes in marketing a service and changes in these processes • Processes affect consistency, efficiency, service quality, and customer experience

• Evaluate importance of tangible physical evidence in marketing a service • Physical evidence supports customer confidence when services are intangible

• Evaluate appropriate marketing mixes for particular products or businesses • Effective marketing mixes align with target market, positioning, objectives, competition, and resources