3. Marketing
- Syllabus
- 0264–2027–2028
- Section
- 3
- Level
- —
Exam analysis
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In this section
Topic 3.1
3.1. Marketing and the market
Objectives in this topic
3.1.1—The role of marketing
- identifying customer needs
- satisfying customer needs
- maintaining customer loyalty
- building customer relationships
- anticipating changes in customer needs
3.1.2—Understanding market changes
- why consumer spending patterns may change
- why some markets are becoming more competitive
- how businesses can respond to changing spending patterns and increased competition
- calculate market share
3.1.3—Mass markets and niche markets
- concepts of mass markets and niche markets
- advantages and disadvantages of mass markets and niche markets
3.1.4—Market segmentation
- how markets can be segmented according to: age, income, location, gender, lifestyle
- advantages and disadvantages of market segmentation
Topic 3.2
3.2. Market research
Objectives in this topic
3.2.1—Methods of market research
- why businesses use market research
- primary research methods, e.g. questionnaires or surveys, interviews, focus groups, observation
- the concept of sampling and why it is useful to businesses
- advantages and disadvantages of primary market research methods
- secondary research methods, e.g. competitor websites, government sources, market reports, trade magazines
- advantages and disadvantages of secondary market research methods
- factors influencing the accuracy of market research data
- analyse simple market research data
Topic 3.3
3.3. Marketing mix
Objectives in this topic
3.3.1—Product
- the importance of brand image
- the role of packaging
- advantages and disadvantages of developing new products
- the main stages of the product life cycle: introduction, growth, maturity, decline
- interpret a product life cycle diagram
- extension strategies a business could use: new markets, new uses for a product, adapting the product or packaging, increased advertising / sales promotion
- advantages and disadvantages of different extension strategies
- recommend and justify an extension strategy to use in a given situation
3.3.2—Price
- pricing methods: cost-plus, competitive, penetration, skimming, dynamic
- advantages and disadvantages of different pricing methods
- recommend and justify an appropriate pricing method for a given situation
3.3.3—Place
- advantages and disadvantages of different distribution channels: direct to customers, through retailers, wholesalers, agents
- recommend and justify an appropriate distribution channel for a given situation
3.3.4—Promotion
- reasons for promotion
- methods of sales promotion, e.g. vouchers, reward schemes, competitions, special offers / discounts
- methods of advertising, e.g. social media, direct/targeted emails, leaflets, billboards
- recommend and justify which method of sales promotion to use in a given situation
- recommend and justify which method of advertising to use in a given situation
3.3.5—Ecommerce
- examples of ecommerce, e.g. mobile phone / internet banking, online shopping, online ticketing
- advantages and disadvantages of ecommerce for businesses
- advantages and disadvantages of ecommerce for customers
3.3.6—Marketing strategy
- importance of the different elements in the marketing mix
- recommend and justify an appropriate marketing mix for a given situation
3.3.7—Entering new markets in other countries as a method of growth
- advantages of entering new markets in other countries, e.g. increase sales, spread risk
- disadvantages of entering new markets in other countries, e.g. cultural differences, lack of knowledge, legal requirements
Topic 3.4
3.4. Legal controls
Objectives in this topic
3.4.1—Legal controls related to marketing
- the purpose of legal controls to protect customers: misleading promotion, faulty goods
- the effects of legal controls on marketing