Business - Marketing for AQA AS (New spec for first teaching in 2008)

Covers the whole marketing topic for the new AS AQA Business Studies spec for first teaching in 2008.

Includes: Product Life Cycle, Boston Matrix as well as covering Place, Price, Promotion, Product (the 4P's also known as the Marketing Mix).

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  • Created by: Sheldon
  • Created on: 18-03-09 22:32
Preview of Business - Marketing for AQA AS (New spec for first teaching in 2008)

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EFFECTIVE MARKETING
MARKETING (Definition): the business function that aims to identify, influence and
then satisfy consumer wants profitably.
It is not just about advertising!
IDENTIFYING A MARKET
*Business creates new market
*Aims at anyone who can afford
*Target market comes later
SEGMENT MARKET
*Not all consumers are identical
*Product ranges created to suit different consumers needs
COHERENT BRAND IMAGE
*Business uses 4 P's (Marketing mix - next) in successful and integrated way
*Above creates coherent and attractive brand name that appeals to target market
MARKET ORIENTATED MARKET
*Create product based around market needs…read more

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Also known as the 4 P's:
MARKETING MIX Price
Place
Product
Promotion
Before the company can use the marketing mix in an effective way they must first
understand the market ­ this is done by researching (trends, products place in the
market, market segments, target market, customer views on the product, reasons
for possible success/failure and an understanding of competitors products/activity)
and planning.
Product
Successful products are purchased for more than one reason e.g. consumers buy
the iPod because they are physically benefiting (being able to take their music with
them anywhere - except underwater) and are benefiting psychologically ­
consumers have bought in to a brand with a cool image.
<< They'll try sell anything these
days...…read more

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Product (continued)
Companies aim to differentiate their products from their competitors
and create a UNIQUE SELLING POINT (U.S.P.). These products
usually have unique features such as how they look, taste or what
they can do.
There are two types of differentiation:
Actual differentiation: product genuinely advantages in the
consumer in some way e.g. unique taste, function, design or
superior performance (such as a new Dyson Vac with Cyclone
technology ­ proven to pick up dust better than a bag Vac)
Imagined differentiation: where the differences are created in the
consumers minds e.g. branding ­ a consumer buys a pair of Nike
trainers over a pair of generic non-branded trainers simply because
of the name…read more

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Product Life Cycle
The idea is that this tool predicts in theory the
stages of a products life. If the product goes
unmodified the last two stages are inevitable.
Although the first PlayStation was successful even
it couldn't survive the last two stages due to new
innovations one of which being the PSone (smaller
design). Changes in demand as customers
included better graphics and faster loading games
and the PS2 was an extension strategy to extended
the PS's life cycle.…read more

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Product Portfolio Analysis
This is done by using a Boston Matrix. It is a tool used to analyse the product
portfolio of a company and helps when making decisions as to possible long term
marketing strategies.
Stars:
* products experience high growth
* experience high market share
* potentially high revenue
* potentially high profit
Cash Cows:
* high market share
* low growth (at maturity in Product Life
Cycle)
* high cash revenue
* established product ­ low cost Problem Child:
* new products ­ need money spent on to
Dogs:
grow
* low growth * low market share
* low/declining market share * high growth
* associated with negative cash flow * Can be associate with negative cash flow…read more

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