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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%.
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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.
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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.
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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.
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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.
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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
By now, Philip Morris International is a company separate from Altria Group, Inc outside the US. Marlboro brand cigarette is named after Great Marlborough Street which is the location of the original Marlboro cigarette factory. Today, the largest location of the Marlboro cigarette manufacturing plant is at Richmond, Virginia. By 1924, Marlboro was advertised as a woman's cigarette based on the slogan "Mild As May". Marlboro brand was sold in until World War 2 when the brand faltered and was temporarily removed from the market. Until 1950s, a series of articles that showed the smoking caused lung cancer had begun the filtered cigarette market.
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at the Asian Mobile News Award 2008 in Singapore. (refer to Appendix 2) With Maxis, you can be sure of services and technologies that help you stay ahead in your life, whether at work, at home or at play. 2.0 SWOT analysis 2.1 Strengths The deal gives Maxis an opportunity to move into a rapidly growing market place, equipped with full management control and board representation. Gaining control of Aircel gives Maxis access to the number one mobile operator in Tamil Nadu and the city of Chennai. Maxis launched its 3G service of Maxis3G and HSDPA which is a high-speed upgrade of the 3G network.
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With the aim of designing and promoting needed goods or services, firms utilize market segmentation to meet the specific needs of their target groups. (Hall et al., 2008) 1.2.2 Market Mix Market Mix is a marketing strategy for meeting the needs of consumers. It consists of four factors: product, price, place and promote, which are known as the 4Ps. (Hall et al., 2008) Promotion, one of the 4Ps, is the attempt to increase the sales of a product by attracting new markets as well as to 'retain existing' consumers.
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Marketing Research. Explain how different marketing research methods have been used to make a marketing decision
It shows where people look, and how long they spend in particular aisles. Interviews are sometimes held over the telephone, postal, online, or face to face. Members of the public are sometimes asked to take part in surveys and feedback can be asked when you visit a website or ring a business, for example when you ring the bank. A pilot study is when a small change or a new product is bought into one area of the business to see what happens. For example Tesco's sometimes introduce a new product into just 1 or 2 stores to see how well it sells.
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Public Sector Organisations In the public sector marketing is used by advertisements on the television, for example the UK police force put up an advert about drug driving to deter people from doing it. The police also produce flyers explaining about drugs and how to get help or ask questions to just raise awareness about what drugs can do, they also send out officers to schools to speak to young teenagers. This type of marketing is good as it is face to face and personal where as you might not listen to a TV advert so well.
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Explain the points of view of different stakeholders seeking to influence the aims and objectives of two contrasting organisations.
Tesco's aims to give their customers: * Good value for money * High quality products * Make sure that the goods are delivered on time, either in the store so the products are their for the customers to buy or on time delivery to make a reliable service * Make sure that the products are priced at reasonable price, not over priced for the customer These are the things that the customers want from Tesco. Tesco makes sure it gives these things to its customers because it is so easy for the customers' demands to be met by changing supermarkets as there are so many big supermarkets today.
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There were also question asking customers how often they eat and visit public houses and if they would be more comfortable in using the new systems. Regards to what the system is I would explain this in more detail in the business case section of this report. As far as the interview sheet for the management of restaurants and bars questions asked were mainly on their customer service and if they were willing to improve on that at a certain cost.
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I will be looking at the limitations of marketing research. This involves looking out how marketing research can help develop a marketing plan.
With the information they have collected from the research, they then can bring out a product that they are sure many people would buy. Doing research helps because , they are so sure that people would like the product and this will increase the sales drastically if they use this strategy for other products as well. What is a marketing plan? A marketing plan is system used when bring out a new organisation, product, feature etc. Following a marketing plan can turn the thing you are creating into something successful.
- Word count: 848
Vodafone targets both men and women through the use of advertising and Vodafone advertise products on TV for the potential and existing customers. Here below I have Vodafone potential customer age segmentation percentages who buy mobile phones. Facebook uses market segmentation by advertising other business on the Facebook website to aim attracting customers with their deals and offers they advertise like games to attract the younger customers. They advertise holidays for the older customers for example the over 18s. They also advertise mobile website this would attract every customer that uses Facebook.
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Customers are exposed to a barrage of different images and messages by mobile phone companies, as the competition gets tougher. Vodafone appeals to new customers and aims to keep its existing ones by emphasizing the uniqueness of the brand. Vodafone's aim is to grow its revenue and improve its profit margin by adding value to its products and services i.e. earning more from each product sold. The 'Vodafone live!' service enables customers to use picture messaging and to download polyphonic ring tones, colors games, images and information, through an icon-driven menu.
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Because of this they tend to just listen to music that's in the charts and is popular. So Radio 1 extra shows this by playing on demand music as this is the type of music their target market listen to. Another way Radio 1 extra segment their market is by the times of the day. Because in the working hours of the day they will play music that is in the charts and popular because everybody knows the song and they are more likely to like listening to it. However late at night they will play less popular music and more unheard of songs.
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We like franchises/brands because we recognize them, more freedom, unhealthy society due to unhealthy eating habits, 24 hour society, cook less food. Technological - Online ordering no need to go out to order you can do in the comfort of your home, cashless tills, self service tills, sandwich makers means you can do it yourself instead of having someone else do it for you. Advertising using apps for phones etc. keep food live (2-3 days old). By keeping it cold/freezing.
- Word count: 915
The aim of this assignment is to investigate setting up of a small business which provides a service to the local London Borough of Camden area only. For this unit, I will need to produce a business report
The name 'Des petits Gateaux' has not been used by any other businesses according to startbiz.com. Here is a screenshot of the evidence from the website: Although the website yell.com have found some results from my chosen name, none of them are actually linked to the name from my business and they have all given me separate businesses, which are in no relation to mine. Here is the evidence from the website: Types of ownerships available for my business Partnerships Small businesses may choose to operate as partnerships. Partnerships are often formed by professionals who have specific skills.
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n this section I shall be evaluating the strengths and weaknesses of my marketing mix. I will be looking at what is good and bad about the product I have created; the price, where is its being sold, how I have decided to promote it and how I will sell it
The customers are the most important element to my product as they are the ones who will be buying the tickets in order to go on the ride. Market research has allowed me to understand what my customer's needs and wants are. Increase brand awareness- Long Term Objective I will need to create brand awareness to make people aware of my product and all of its different elements. The more customers who know my brand means more sales and more profits, and this will lead to my brand becoming known nationally.
- Word count: 1382
For this assignment I will be focusing and investigating the marketing of a new themed ride for Thorpe Park.
The major attractions for Thorpe Park are the Thrill Rides which includes: * Nemesis Inferno * Colossus * SAW: The Ride * Stealth, * X:\ No Way Out * Loggers Leap * Tidal Wave * Storm Surge Product Idea For my product idea I will introduce a new ride that will be launched for the 2012 season in preparation for the London 2012 Olympics. This new ride will be one of the most thrilling rides in Thorpe Park. My product will be a 3D simulator that will be able to fit approx.
- Word count: 3973
I have chosen to do Sonys handycam for the marketing mix of a selected product and its unique selling point is that it is a very high quality camera
it is important for Sony to include the price because the consumer can be reassured about what they are buying and what value for money they are getting and informs the consumer about the price of the Handycam and what they are getting with the Handycam for their money. The consumer also knows that they are getting a very good video camera because it is made by Sony and they are getting good value for money and is a great quality product.
- Word count: 1741