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3. Marketing

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4 topics · 13 learning objectives

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  1. 3.1. Marketing and the market

    1. 3.1.1The role of marketing

      • identifying customer needs • satisfying customer needs • maintaining customer loyalty • building customer relationships • anticipating changes in customer needs

    2. 3.1.2Understanding 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. 3.1.3Mass markets and niche markets

      • concepts of mass markets and niche markets • advantages and disadvantages of mass markets and niche markets

    4. 3.1.4Market segmentation

      • how markets can be segmented according to: age, income, location, gender, lifestyle • advantages and disadvantages of market segmentation

  2. 3.2. Market research

    1. 3.2.1

      • 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

  3. 3.3. Marketing mix

    1. 3.3.1Product

      • 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

    2. 3.3.2Price

      • 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. 3.3.3Place

      • 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

    4. 3.3.4Promotion

      • 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

    5. 3.3.5Ecommerce

      • 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

    6. 3.3.6Marketing strategy

      • importance of the different elements in the marketing mix • recommend and justify an appropriate marketing mix for a given situation

    7. 3.3.7Entering 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

  4. 3.4. Legal controls

    1. 3.4.1

      • the purpose of legal controls to protect customers: misleading promotion, faulty goods • the effects of legal controls on marketing