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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.
- Marked by Teachers essays 8
- Peer Reviewed essays 1
McDonalds Marketing Analysis. Explain the marketing techniques used by a given organisation and analyse how and why these techniques have been chosen.5 star(s)
PESTLE helps McDonalds to identify the political policies such as the national minimum wage and the amount of tax McDonalds has to pay this can help to identify McDonalds profit and it's values. Economical factors Also McDonalds may look at the performance of their organisation and how it is affected by the economy in a good way or a bad way as all economies go through cycles of prosperity which means that McDonalds can identify the demand for their products etc.
- Word count: 2030
In order to meet these changes, the company introduce new products and phase out old ones, this will continue over time. The company know that items on the menu will vary in popularity. Their ability to generate profits will vary at different point in the products life cycle. All products sold via Mc Donald's will go through the product life cycle. Introduction - new product launched so no profit is being made as company are creating awareness of the new product.
- Word count: 935
Dell has cost efficient products which refers to the balance of effectively meeting reach the company's goals at the lowest price and make sure that the goals and its products are meeting customer needs. Also, Dell is an industry leading company; Dell's major competitors include Apple, Compaq, Hewlett-Packard, Sun Microsystems, Gateway, Lenovo, Sony, and Toshiba. Dell and its subsidiary, Alienware, compete in the enthusiast market against Falcon Northwest, Voodoo PC (a division of HP), and other manufacturers. In the second quarter of 2006, Dell had between 18% and 19% share of the worldwide personal-computer market, compared to Hewlett-Packard with roughly 15%.
- Word count: 4651
Tesco has expanded into countries worldwide shown in Figure 2, some of those countries that Tesco has had a large impact on are places such as Poland, Slovakia etc. Tesco regularly makes small acquisitions to expand its international businesses. For example, in its 2005/06 financial year it made one in South Korea, one in Poland and one in Japan. Their total international sales grew by 21.3% to �5.3%billion. In Asia sales grew by 21.8% to �2.3 billion. The graphs and other figures are in the appendix Figure 3.
- Word count: 1396
I also have to consider whether my plans can actually work in practice and whether I considered all the factors, for example: are the funds available or will my coffee shop be able to deal with the competition in surrounding area. Business Objectives The main objectives of my business: * To gain 15% of market share * To maintain good image * Advertise in radio and television * Expand my business Potential customers I am going to target people between the age of 20 - 35, who are working and don`t have time to relax, as well as younger generation - students and teenagers who seeking a place to meet with friends.
- Word count: 1615
ASDA have utilized technology to improve performance, hence the global retailer. ASDA sell electric products, they have moved in to the communication industry, selling phones, using self servicing checkouts to improve efficiency. They have advanced system monitor the progress of the promotional offer. ASDA marketing mix Product ASDA offer a wide range of products and services to its customers, As well does John Lewis. ASDAs clothing range is called George. It is a simple clothing range which is offered to them at a low price and it meets the demands of its customers.
- Word count: 2135
Tesco branches are based in vari0us locations from the centres of towns to in the middle of high streets. Unlike other companies, Tesco have smaller stores as well as their big supermarkets. These small stores can obviously be installed in small local areas which provide an easier service for the public to use. As Tesco is an international business, it also has stores in many countries such as; People's Republic of China, Czech Republic, France, Hungary, Japan, South Korea, Poland, Malaysia and Indonesia. Having an international business means that they will be more known which in turn can increase profits.
- Word count: 998
Public relations Public relations involve a sustained attempt to develop an organisation's reputation as a business by using the media to help create the image they desire. It is a way for an organisation to keep the business in their customers eyes. They are many sorts of public relations, these can include, press releases, sponsors, corporate communications and exhibitions. Public relations are just one of the main tools that businesses use to attract customers. Sales Promotion Sales promotion is the process of persuading a potential customer to buy the product.
- Word count: 1476
Amazon and Bullring have a simple font (Arial) this is easy to read and is also simple. 4. The website should be up to date with information so that when customers search the website they should have the current information. 5. If the website sells products then they need to make sure that they have the delivers planned such as how many drivers.
- Word count: 360