CAIE IGCSE Business Studies 3.3.6 marketing strategy

Award up to 2 marks for identification of relevant points.

Award up to 2 marks for relevant development of points.

Award up to 2 marks for a justified decision as to which is the most important element of the marketing mix for a business.

Points might include:

This is a general question so there are no
marks for application.
Promotion [k]

- Raises awareness / informs potential customers [an] leading to more sales [an]

- Attracts / persuades potential customers [an] increasing revenue [an]

- Creates / builds brand image [an] increasing customer loyalty [an]

- Way to communicate with customers [an]

Product [k]

- Without a product there is nothing to sell / if dislike the product customers will not buy it [an]

- A poor / bad quality product will not last long in the market [an] so time / money spent developing it would be wasted [an]

- Good quality product can encourage customer loyalty [an]

- Good quality can improve brand image [an]

Place [k]

- Close / near target market / customers [an] to ensure sales [an]

- A suitable location might have high rent [an] leading to increased costs / higher prices [an]

Price [k]

- A low price could create image of low quality [an] damaging its reputation [an]

- If price is too low, may not cover costs [an]

- If the price is too high, the business may be less competitive [an] lowering market share [an]

- If the price is too high, could lead to fewer sales (as customers cannot afford it) [an
Other appropriate responses should be credited.

Justification might include:

One element is promotion [k]. This is important as more people are aware of your business [an]. The product also matters [k] as this is what people are buying so without a product there is nothing to sell [an]. Product is the most important element, because if it is unique, this can help the business standout [eval] which means the business has a better chance of attracting / maintaining customers. [eval]