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AS and A Level: Marketing & Research
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Five key marketing theories
- 1 Product life cycle – All products go through stages in their life and eventually decline. Realising where on the product life cycle and acting appropriately are important for a business.
- 2 The Boston Matrix – This examines the portfolio of products that a business has and enables it to see if it has any weaknesses in its portfolio that it must address e.g. by bringing out a new product.
- 3 Ansoff’s matrix – This helps a business to recognise and decide on the appropriate marketing strategy either by developing or changing its market (customers), product or both.
- 4 Price elasticity of demand – How responsive demand is to a change in price. If demand is elastic, a reduction in price of 10% would lead to a more than 10% rise in sales so revenue would increase. If demand is inelastic, a 10% rise in price would lead to a less than 10% fall in demand so again revenue would increase.
- 5 Introducing and referring to any of the above will increase your marks for analysis.
How can businesses increase their revenue?
- 1 Businesses use different elements of the marketing mix (also known as the 4Ps) to increase their revenue. Revenue is price multiplied by sales.
- 2 Product – A business will consider what it can do with its product to increase revenue.
- 3 Price – Raising or lowering the price may increase revenue depending on the price elasticity of demand.
- 4 Place – A business can consider new places to sell their product.
- 5 Promotion – A business can promote its product more. There is much more to promotion than just advertising.
What is market research?
- 1 Market research is finding out information that will help the business. It can include information about target markets, customers wants, pricing and effective promotion. It also includes information on competitors.
- 2 Primary market research is finding out new information. Surveys and questionnaires are two of the main methods. Various techniques are used to ensure that samples questioned are a good sample of the target market.
- 3 Secondary market research is gathering data that already exists elsewhere e.g. a new restaurant looking at competitor’s menus to get information on their product range and prices.
- 4 Some businesses exist just to get market research information for other businesses. Mintel and Keynote are two businesses that compile market reports on specific business areas that they sell to other businesses.
- 5 How market research is analysed and used is crucial for a business. Businesses must ensure they do not come to the wrong conclusion. If you are discussing the possible market research a business could use remember the context. A small business cannot afford much.
Mayo conducted a series of experiments at the Hawthorne factory of the Western Electric Company in Chicago. He isolated two groups of women workers and studied the effect on their productivity levels of changing factors such as lighting and working conditions. He expected to see productivity levels decline as lighting or other conditions became progressively worse What he actually discovered surprised him: whatever the change in lighting or working conditions, the productivity levels of the workers improved or remained the same.
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This assignment will be evaluating the contribution of relationship marketing activities and will also evaluate the effectiveness of the marketing function in a selected organisation. The chosen organisation that has been selected for this assignment is M
Another positive impact of this method is also that McDonalds can limit the number of complaints they receive once they have set objectives to their employees when McDonalds mention their areas of improvements to be made. The results are very accurate as the 'mystery shopper' cannot reveal themselves as an employee of the organisation and will act as a normal customer, where the employees of McDonalds will be unaware of the mystery shopper. Therefore, this can give a clear under-view that employees will react in a normal manner in which the mystery shopper will be treated at their own accord.
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However these statistics are used for taxation by the HM revenue by submitting an annual self assessment form. However if the earnings of ASL is seen to be low and insufficient to pay the taxes then the taxes will only apply from the following April of starting the business. However if my forecast is to make a turnover of �68,000 or more then I have to register ASL for Value Added Tax (VAT). However VAT has decreased to 15% from the previous 17.5%. However there are legal issues that will influence my sole trader business "Arcadian Shisha Lounge (ASL)"
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The products target market(s) will be assessed, the positioning of the product for the target market(s) will be outlined followed by the creation of the products marketing mix. Target Market Choosing a target market relies on market segmentation. "Market segmentation can be defined as the process of dividing a market into distinct subsets of consumers with common needs or characteristics and selecting one or more segments to target with a distinct marketing mix." (Schiffman et al 2000) Choosing a target market is a three step process; the disaggregated market, the segmented market and the target market.
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company recently implemented ? Six Sigma quality approach, ?nd is now ISO9000 certified. This has changed th? processes ?nd procedures in th? way goods are manufactured. Th? company has also adopted team approach to sales. Customer-segment sales teams include ? sales person, ? product engineer ?nd ? customer service rep. In response to declining sales over th? last two years, th? company has adopted ? customer-relationship management system (Simon & Schuster, 1953). As these changes have been implemented, employee satisfaction ?nd retention numbers has declined.
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how to do it also the flights attendants will be trained so that they a will know what to do in an emergency and before lift off they will explain what the passengers will need to do in an emergency. During During the customer buying the product there are other services that are provided to the customer so that they will come and shop with that companies again one of these things can be loyalty cards which will contain points and you will get a certain amount of money based upon how much u spend at that company.
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Describe the different methods used to track and evaluate customer satisfaction and quality systems for a selected product or service.
In the organization that I choose which was BA they do a lot of customer suggestion scheme which will help the company to better its organization so that it can be more successful. customer suggestion schemes is when BA put a box on the flight so as you walk off the flight you can write something on a piece of paper which they provide and you can tell them what you think that they can improve so that the flight can be more enjoyable also if you have any complaint you can write them into the box as well.
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Describe with reference to different customer service functions, the different methods used to attract and retain customers for a selected service/product.
An organisation that offers their customers a department in which they can put forward suggestions and queries forward, they are able to interact with the organisation directly to ensure that any doubts or concerns regarding the organisation are answered. Also customers are able to make any complaints about the service they may receive or if they are concerned on how the organisation runs, this can be put forward through customer services so that customers' voices are heard. This can benefit the organisation as they are able to deal with problems quickly and they are able to analyse what customers feel is a negative factor and suggestion methods in which they can improve on this problem.
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Describe the different methods used to track and evaluate customer satisfaction and quality systems for a selected service/product.
In relation to the happy meal, this is targeted to all types of customers, mainly being the younger generation such as kids and children. This is indicated in the product itself as the happy meal consists of a kid's toy so that children are 'happy' once they have had their product. However, as McDonalds is a very large organisation in which they believe that customer importance is vital to them, they place suggestion schemes in order for McDonalds to receive external views on the product so that areas for improvement can be made.
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Government: The government are labelled as a stakeholder as they influence the laws and regularities of any organisation that is UK based. Laws such as 'no smoking' in public areas have to be followed by McDonalds so that customers do not smoke inside the building. Also, as McDonalds recruit many people across the country, the government receive tax from their wages that contribute to their national insurance. Most working employees at McDonalds have to contribute tax to the government and are taxed according to the amount that they earn.
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In support of this strategy, Starbucks opened 1,040 new company operated stores in fiscal 2006. (www.starbucks.com) During fiscal 2006, Starbucks Coffee Company operated retail stores accounted for 85% of total net revenues. (Starbucks Annual Report 2006) In addition to company operated stores, Starbucks works with certain carefully chosen business to operate licensed stores in various places. Its strategy is to reach customers where they work, travel, shop and dine by establishing relationship with people that share the Company's values and commitment to quality.
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Advantages Disadvantages Attract more people because store is located in the middle of high street. Some people might not be interested because of too much competition. Recommendation for improvements: - Recommendations for improving geographical segmentation would be that Nokia should take out research about places where people go every week. High streets and towns are main examples. Nokia should always aim their store where it could be easily spotted. Some people can't get what they want because of lack of facilities and lack of stores not available to them.
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* Selling Concept is where the company focuses on their selling and promotion area for example sales people who persuade customers to buy their products. * Product Concept is where the company focuses on their product and believe that their product is new to the market and is of high quality with lots of special features. Marketing Mix: This is made up of 7 different elements that the marketing department uses to develop marketing plans and these are: * Product - this is the mixture of services and goods the company are offering the target consumer.
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In this section, it is required to establish and develop the resources of my business. In human resources, recruiting of employees is important in every business.
I need to budget the money and control the expenditures of my business as much as possible. When buying some equipment, I need to plan it first before purchasing. Planning before spending is very important. Human Resources This section of my business will look after the employees, keeping their records, training and disciplining. As the owner of the business, I am the one responsible for the safety and development of my employees. I must assure them that the workplace is safe and they will learn a lot once they start working. I must have a good relationship to my employees so they will feel that they are loved and feel motivated whenever they are working.
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If the product is heading towards, or already in decline, the marketing department must attempt to alter this, and get the sales back on track. It may decide a new advertising campaign, or celebrity endorsement is the correct way to increase sales. If they feel the product must be differentiated, it will relay this information onto the production department so they can attempt to produce a successful differentiation of the product, which will then be marketed as a separate product to the original.
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Price - Promotion - Place - Product Price Price is a particularly potent element of the marketing mix because of its direct impact on the customer, the company and the economy. To the consumer, price is an indication of quality and an important factor in the decision-making process. For the company, the price at which a product or service is sold represents the costs and making a profit. Promotion The promotion of a product is also one of the important element of the marketing mix that is most subject to variation according to the type of product or service on offer.
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Understand the concept and principals of marketing and their application in the business environment.
These are the three ways to distribute your product to customers. Producer Wholesaler Retailer Retailer Consumer Distribution method 1 is when customers buy the product direct from the business rather than buying it through a retailer. The advantages of this method of distribution are that its quick and the customer can buy in big bulks if they want to. The disadvantages of this method are that it's a long process to buy the product and you will have to go to the factory where the product is produced and buy it direct from there.
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Products from their company suit all people around the world. Introduction It is comfortable and convenient; it is the first and only lens with our unique triple action moisture. Experience the comfort of a brand new pair of lenses each day, no contact lens solutions, start afresh with a new pair of lenses every day, wear them all day or choose them for occasional wear-great for sports, travel, or any time you want a break from glasses. Put your contact lenses on in the morning, enjoy a whole day of clear and comfortable vision and throw them away at night.
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Giving appropriate examples, explain the nature and contents of a marketing plan. What is the purpose of a marketing plan? What are the characteristics of a good marketing plan?
The businesses current marketing situation is stated next, this should include data representing market share details, trends within the industry, competitors and customer needs relative to several past years. This is most effectively represented with figures, tables and in dot point form, so that facts can be compared easily. A S.W.O.T or strengths/weaknesses, opportunities/threats analysis follows the current marketing situation section. Strengths and weaknesses relate to the internal running of the business whilst opportunities and threats are seen as external factors of business operation unable to be managed quite as easily.
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The downsides could be that the mew recruit may need to be trained or is not as hard working or committed to the job as others may be within the business. Before the recruitment process even begins there are some issues that need to be resolved for the employers. They need to ask themselves these questions so that they can identify the job that needs to be filled and what kind of person they need to fill that vacancy. What kind of people do we need?
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My market Aims are to increase Market share and Increase sales. To achieve this I will set the Objectives of penetrating the younger market and initiate the selling of eggs at other important dates of the year. All these increase the sale of the existing product and will increase the customer's diversity. Product Specification Creme eggs are usually sold individually, but are also available in packets of three, four, six, and twelve, and in boxes of eight, fifteen, twenty-four and forty-eight. The foil wrapping of the eggs was traditionally red, yellow and blue in Colour in the United Kingdom and Ireland, though purple replaced blue early in the 21st century.
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Using suitable analytical tools, critically evaluate the current situation facing Tesco as they contemplate their entry in to the US food retail sector. Your discussion should draw attention also to any issues considered relevant for Tesco vis--vis the
The company will also have to look at government regulations such as employment law and conditions. Setting up a business in a different country would be difficult and through research will have to be done. - Economic factors that Tesco face in the US are that the market is highly competitive. They have already got to compete with Wal-mart which is the biggest retailer of foods in the US, Publix and Winn-Dixie. However if Tesco establishes a unique-selling point (USP)
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These internal stakeholders are similar to external because they have different roles to play between them and are essential for the business. These internal stakeholders who help the business are: - ? Employees ? Owners ? Managers Roles of external Stakeholders and their influences Pressure groups Pressure Groups play a huge part in Tesco Plc as they try and help employees or any other people having problems. (E.g. if 400 employees are sacked, Pressure Groups try and do the right thing by trying to get all the jobs back for people who have lost them).
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Promotional Mix 'Promotional Mix' is the term used to describe a set of tools that an organisation uses to communicate effectively the benefits of its products to its customers. These tools include: * Advertising * Public relations * Sales promotions * Direct marketing * Personal selling I will now describe the promotional mix used in this campaign. Advertising This campaign is advertised on, billboards, and on the internet. Different types of advertising are aimed at different people. Advertising can reach a large and widely distributed audience.
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Trade journals contain detail information on the developments of the specific industries they cover. For example, magazines such as Construction News and The Grocer regularly feature information on the firms in the respective industries that they report on as well as the consumers' behaviour in those industries. Lucozade Energy is an energy drink containing glucose syrup and caffeine. First manufactured in England in 1927 as Glucozade, the name changed to Lucozade in 1929. It was initially marketed as an aid to convalescence. For many children Lucozade was seen as a special treat to offset the discomfort and distress of illness.
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