- Join over 1.2 million students every month
- Accelerate your learning by 29%
- Unlimited access from just £6.99 per month
AS and A Level: Marketing & Research
Meet our team of inspirational teachers
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.
People with B, C and C, C class. �429.99. TV, Internet and News papers. 4Ps Place People Price Promotion. Windows is a product re-brand but it has been upgraded every year. Nokia is keep re-branding the mobile phones. Continues improvement following evaluation. Production Concept: - Cheaply produced therefore low price and attractive. Windows Vista: - Windows vista is not produced cheaply. Windows vista software has 6 different editions that are; Windows vista Starter �29, Windows vista Home Base �64, Windows vista Home Premium �162, Windows vista Business �197, Windows vista Enterprise �23, Windows vista Ultimate �175. These prices are in current computer market.
- Word count: 1331
Today John and Evans still manage the farm but is also responsible for ice cream production, employing six staff. Sue Evans is responsible for order processing and distribution (three staff), new product development (one member of staff), sales (two members of staff) and your new position. Singapore Ice Cream Market The market for Ice Cream in Singapore increased between 2001- 2006, growing at an average annual rate of 6.5%. The leading company in the market in 2006 was Fraser and Neave Ltd.
- Word count: 6065
This product could be beneficial towards its targeted customers because research shows that most people like to have strawberry in different thing such as ice-cream, milk shake, protein shake and other brand smoothies. This suggests that the product strawberry Glut 001 will be favourable to its customer not because of strawberry but also it will improve their health. Strawberry have a lot of advantages but the main one is that healthy body needs to maintain its cholesterol level low especially for the bad Cholesterol, Strawberry nutrition contains two flavones called quercetin and kaempferol; these falvnoids can prevent the low density lipoprotein cholesterol from oxidizing and damaging artery walls by creating arterial clogs.
- Word count: 1711
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.
- Word count: 2608
But what do we mean when we talk about cross-functional marketing? Cross-functional marketing may be described as being an integrated marketing approach, which involves the working together of all the departments of a company... * sales * product * management * market research * advertising etc. * ...to serve the interests of the consumer. In 1954 Peter Drucker suggested that to be truly customer-centric an organization must adapt a marketing concept, which entails that the key to achieving its organizational goals consists in the company being more effective in creating, delivering and communicating customer value to its chosen target markets than its competitors.
- Word count: 901
To help combat this problem I am hoping to introduce a children's play area, were children of all ages can play in between meals and after if the adults want to have some time alone, also so that the children will enjoy themselves and want to return to Charly's again and again. The proposed service The service which I am hoping to add to Charly's restaurant is a play area and more involvement in children's birthday parties, by adding the option for entertainment or a choice of themes along with a cake.
- Word count: 9813
is assumed a priori to be the primary base for any functional area. Each function including R&D, sourcing, manufacturing, marketing and sales is performed in the location(s) around the world most suitable for that function. Technology and globalization shape the world. The first helps determine human preferences; the second, economic realities. Standardized consumer products, low price and technology are key points for successful globalization. The globalization of markets is at hand. With that, the multinational commercial world nears its end, and so does the multinational corporation. The world`s needs and desires have been irrevocably homogenized (market needs).
- Word count: 10537
Production. Production function is the part of organisation which is concerned with production i.e. the process that converts inputs into outputs. There are three main parts to the production process as can be seen in the diagram below:
The needs and wants of customers will be met if a business can produce the correct number of products, in the shortest possible time, to the best quality and all at a competitive price. Production within an economy can be divided into three main stages: primary, secondary and tertiary. Primary production Primary production involves the extraction of raw materials (e.g. coal, iron, agricultural commodities). Raw materials can be: Extracted - e.g. coal, iron ore, oil, gas and stone Harvested / collected - e.g.
- Word count: 1489
* Facial expressions The expression of the face is a basic mode of nonverbal communication among employees and customers. The facial expression of an employee is often the basis on which he forms significant impressions of such characteristics as friendliness, trustworthiness, and status. For example making eye contact with customers is usually seen as a sign of honesty, which create a good impression of the customers. Employee posture The posture show how confident and positive is an employee. Your body position Body position of the employee tells other about that employee. If the employee stand too close to stranger then he will normally move away to keep his distance.
- Word count: 1234
Sony use to gain competitive advantage over Xbox. I will also try to explain how Sony Playstation uses these four factors to gain competitive advantage. After I have gathered all the information I will analyse the information and then in the final paragraph I will construct a conclusion. What is competitive advantage? Competitive advantage is the qualities that make one company superior to the other. Competitive advantage helps one company attract more customers then its competition. There are four ways in which a company can do this: Cost leadership - trying to be the lowest-cost producer in that particular industry to supply to the market.
- Word count: 1675
In order to meet their satisfaction one of the questions that I asked was what is the most important thing they look for when purchasing a new chocolate, this question will allow me to know exactly what type of chocolate to produce whether it should be low calories, diabetic, low fat etc. as I meet their standards of satisfaction my product will produce high sales. Secondary research However not only through questionnaires did I decide to produce chocolate I also did my other part of the research through internet and books.
- Word count: 8008
Mcdonalds. For this unit I will need to produce a portfolio of work investigating the factors that have contributed to the success of my chosen business. I will need to describe the main aims and objectives of the business and the external environmental f
Mission statement of McDonalds Each and every business has a mission statement which helps them to achieve the aims and objectives they have set. Mission statement is a statement that captures an organization's purpose, customer orientation and business philosophy. The mission statement of McDonalds is to provide its customers with the best quality food products and to be the UK's best fast service restaurant experienced. Aim and Objectives The business I am investigating is McDonalds. McDonalds aim is to be the world's best fast service restaurant.
- Word count: 12575
The main internal constraints are: Finance - has the business enough money to be able to finance growth? If there was not enough cash within the business itself then is the business strong enough financially to be able to borrow money? Is the business profitable? Marketing - has the business got a strong marketing position? Does it have a brand name and a suitable image? Can it supply an increasing market should it grow? People - have the staff the skills to do the jobs that they are expected to perform? Does the business support training to make sure staff can do the job? Production - has the business extra capacity to increase production if and when necessary?
- Word count: 644
The marketing functions involve establishing a distinctive identity for a product or organisation in this case it Co-op and Easy Jet, plan, coordinate and monitor the marketing mix, coordinate marketing activities effectively and lastly manage changes in technology, competition and consumer tastes, Co-op and Easy Jet use all of these marketing functions in different ways. Establishing a distinctive identity for a product or organisation This is when the companies develop a logo or symbol that they believe their existing or new potential customers would instantly recognise the company's logo.
- Word count: 6633
Over the past few years, the internet has grown to become a huge source of incomes for thousands of small and large businesses as they make more profits. With the use of the internet, the Woodley Hotel may be able to reduce their costs as it may be cheaper for the business to advertise and promote their products and services on their website. Being online can also helps to the Woodley Hotel to reach a new clients as their website will gives the customers and potential customers all the information about the business they need.
- Word count: 1602
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?
- Word count: 2706
* Target marketing communications; businesses need to deliver their marketing message to a relevant customer audience. If the target market is too board, there is a strong risk that the key customers are missed and the cost of communication to customers become too high/unprofitable. By segmenting markets, the target customer can be reached more often and at a lower cost. * Gain share of the market segment; unless a business has a strong or leading share of a market, it is unlikely to be maximizing its profitability.
- Word count: 1186
* To enable the business control a marketing plan: * To help the business motivate customers: * To provide a common goal: * To provide an agreed, consistent focus for all functions of the business: Objectives of Sony PS3: * Reduce costs of production: * Revise pricing policies to meet customers expectation: * Increase promotional activities: * To enter a new market segment: * Set performance targets for each employee and department: * Ensure additional funds are available to meet unforeseen instances: * To carry out research and develop new products: * Implement an effective marketing strategy: * Access the
- Word count: 1744
This form of data can also be used in setting organisation cases in wider contexts. Advantages of Secondary Research * Secondary data can be easily located: secondary data is very important to organisations and businesses like the Sony PS3 company. This is because it can be used to compare primary data. Secondary data can be easily allocated because it is cheap to acquire. At most cases it is free to acquire secondary data through the media and other sources like the internet. For example if the Sony PS3 wants to achieve secondary data, it can get it through the internet or media free of charge, but in some cases it has to pay some amount of money to have access to the data.
- Word count: 1825
Also, I can view fashion magazines and websites and find out the new trend in colours, and order my T-shirts accordingly. There are two types of data that my market research will need to provide; qualitative and quantitative. Qualitative Data This is where the respondent can give their own opinion to the question asked. For example, rather than asking them to choose out of a multiple choice of answers, they can give their own answer, and in as much detail as they wish. This applies to my business as the question could be 'Where would you wear a personalised T-shirt?'
- Word count: 3819
*The first thing is to inform the consumer about the product: �what is the brand of phone? If people already know the phone they should feel more secure to use the phone *what are the special features? �You should inform the customer about phones special things like software that enables access to range of data and communication skills e.g. email, phone, maps, organizer, applications, games, the Internet and more You should also explain that the phone is easy to use *You should give warranty to the consumer: Even the brand of phone well known people will expect you to give warranty to make sure reliability Public relations If you've new good and you're ready to let the world (or your neighborhood)
- Word count: 729
It is important that companies show social responsibilities and ethical in all marketing actions. For example British Airways state that they will "strive to improve its environmental and social performance and to contribute to a better quality life for everyone, now and for generations to come". They also state they will achieve this by setting clearly define objectives and targets addressing their environmental and social issues. There are legislations that will affect the marketing the travel and tourism industry which will stop the organisations doing what they want for example: airlines can not put their own prices they need to follow particular rules and legislations.
- Word count: 1917
Also the absence of segmented market research lowers the costs of consumer research and product management. See also concentrated marketing differentiated marketing; mass market. Concentrated Marketing: This is where an organisation concentrates its marketing effort on one particular segment. The firm will develop a product that caters for the needs of that particular group. For example Rolls Royce cars aim its vehicles at the premium segment, same as Harrods within the UK. Concentrated marketing is when the message is aimed at just one small market. Advantages: Small firms can concentrate their marketing, allows a specific mix to be developed.
- Word count: 6089
For example, when translating the name into different languages, it needs to be seen as appropriate in other languages, as something in English may be inappropriate in Chinese for example. Another factor that needs to be taken into consideration is copyright laws. A business needs to make sure that their new name isn't already an existing businesses name, as the new company could be sued due to copyright laws. Finally, a businesses competition needs to be accounted for. It would be better for a business to have a completely different name to their competition.
- Word count: 1066
> Focus Group: Focus groups tend to be made up from 10 to 18 participants. Discussions, opinion, belief are encouraged, and the research will probe into specific areas that are of interest to the company commissioning the research. > Mail Survey: the mail survey is the most appropriate way to gather primary data. Lists are collated, or purchased, and a predesigned questionnaire is mailed to a sample of respondents. > Projective techniques: Projective techniques are borrowed from the field of psychology. They will generate highly subjective qualitative data. > Product test: Product tests are often completed as part of the 'test' marketing process.
- Word count: 3457