Edexcel AS Business Studies: Unit 2 - Revision booklet

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Unit
2
revision
­
`Managing
the
business'
Marketing
objectives
&
Strategy
What
is
marketing?
· Marketing
is
the
management
process
that
identifies,
anticipates
and
satisfies
customer
requirements
profitably.
Purpose
of
marketing
· The
main
purpose
of
marketing
is
to
shift
the
demand
curve
to
the
RIGHT.
E.g.
an
advert
may
increase
awareness
and
therefore
sales.
Marketing
within
an
organisation
· Most
business
objectives
relate
to:
Increasing
sales,
having
a
good
business
image,
and
increasing
profit.
· Therefore,
the
marketing
department
has
a
big
role
to
play.
Possible
objectives
are
concerned
with
two
things:
Products
Markets
To
increase
sales
To
survive
in
the
market
To
create
brand
loyalty
To
change
market
position
To
develop
product
range
To
increase
market
share
What
determines
marketing
objectives?
External
Factors
Internal
Factors
Customer
behaviour
Market
research
findings
Competitor
behaviour
Forecasted
sales
The
economy
Forecasted
profit
Technology
Availability
of
finance
Government
Changes
in
the
law
Suppliers
Forming
a
market
strategy
· A
marketing
strategy
designed
to
achieve
the
marketing
objectives
can
now
be
developed
· The
marketing
strategy
should
consider:
the
target
market,
the
marketing
mix,
and
the
strengths
of
the
business.

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Page 2

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Unit
2
revision
­
`Managing
the
business'
Mass
and
Niche
marketing
· Niche
=
targets
a
very
small
segment
of
a
market.
E.g.
local
restaurants.
Sales
will
be
slower,
but
prices
will
be
higher.
· Mass
=
appeals
to
the
whole
market.
E.g.
Pepsi.…read more

Page 3

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Unit
2
revision
­
`Managing
the
business'
-
Promotion
­
Creating
the
right
image
&
presenting
it
to
the
right
target
market
· Media
advertising
and
other
forms
of
promotion
-
Place
­
Getting
product
to
the
place
where
consumers
can
be
persuaded
to
buy
· The
location
is
very
important
­
placement
by
the
till
for
example
is
a
prime
location
for
purchases
bought
in
stores.…read more

Page 4

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Unit
2
revision
­
`Managing
the
business'
Retailer
purchasing
power
· Large
retailers
now
have
a
huge
influence
in
the
UK
(control
80%
of
grocery
sales)
· Two
different
views
of
this:
Retailers
argue
that:
Critics
argue
that:
They
can
negotiate
better
terms
Suppliers
are
bullied
with
suppliers
Consumers
are
better
informed
Consumer
choice
is
being
removed
through
marketing
campaigns
Products
are
sourced
from
around
Third
world
producers
are
being
the
world
­
giving
more
choice
exploited
Provide
better
value
(lower
prices)
Local
jobs
are…read more

Page 5

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Unit
2
revision
­
`Managing
the
business'
Environmental
Factors
· People
are
increasingly
worried
about
the
environment
· Businesses
can
therefore
use
this
as
a
marketing
tool
Pollution
Conservation
Carbon
Footprint
Covers
air
quality
and
Concerned
with
ensuring
Considers
the
water
pollution
that
natural
habits
are
environmental
impact
of
not
damages
everything
a
business
does
Recusing
pollution
can
Can
be
used
to
gain
good
Can
be
used
to
improve
provide
good
publicity
causes
and
gain
good
energy
efficiency
and
less
risk
of
obtaining
publicity
fines…read more

Page 6

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Unit
2
revision
­
`Managing
the
business'
· Aesthetic
­
How
does
it
look,
feel
or
smell?
· Economic
­
Can
it
be
made
efficiently?
· Businesses
will
combine
the
3
factors
in
a
way
that
meets
customers
needs
Productivity
&
Efficiency
The
transformation
process
· Considers
how
raw
materials
can
be
used
to
achieve
the
desired
finished
product
· 4
types
of
transformation
that
a
business
may
be
involved
in:
Manufacture
Supply
Transport
Service
Changing
raw
Changing
the
Changing
the
place
Changing
the
state…read more

Page 7

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Unit
2
revision
­
`Managing
the
business'
· Machinery
&
equipment
(capital)
Capital
or
Labour
Intensive?
· There
are
a
number
of
factors
that
will
determine
whether
a
business
will
be
capital
or
labour
intensive:
The
size
of
the
business
The
relative
costs
of
inputs
The
product
or
service
Capital
equipment
can
be
New
technology
is
expensive
Products
which
can
be
mass
expensive
produced
will
be
capital-
intensive
Small
firms
may
be
unable
to
Even
if
a
job
can
be
Custom-made
products
and
afford
to…read more

Page 8

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Unit
2
revision
­
`Managing
the
business'
Decreasing
capacity
levels
· Producing
too
much,
or
having
spare
capacity,
can
be
a
serious
problem
Decreasing
capacity
SHORT-TERM
LONG-TERM
· Stockpile
­
in
anticipation
· Redundancies
­
reduce
the
of
an
increase
in
demand
number
of
workers
· Reduce
prices
­
in
the
hope
· Closing
branches
­
close
that
this
will
increase
parts
of
the
business
demand
Stock
Control
What
is
it?
· Stock
Control
is
the
management
process
that
makes
sure
stock
is
ordered,
delivered…read more

Page 9

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Unit
2
revision
­
`Managing
the
business'
Managing
stock
· There
are
a
number
of
methods
that
firms
can
use
to
improve
the
way
that
they
manage
their
stocks:
EPOS
Waste
Management
Stock
Control
Charts
Stands
for
Electronic
Stock
rotation
should
be
The
traditional
method
of
Point
Of
Sale.…read more

Page 10

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Unit
2
revision
­
`Managing
the
business'
· Reducing
lead
times
· Just-in-time
stock
management
· Total
quality
management
Reducing
lead
times
· Reducing
lead
times
can
bring
benefits
in
two
areas:
New
Product
Development
Production
· Means
new
products
can
be
· Reduces
the
wait
that
developed
more
quickly
customers
have
between
· Can
respond
to
changes
in
ordered
and
receiving
customer
tastes
quickly
products
· Reduces
the
need
to
hold
stocks
Just-in-time
management
(JIT)
· JIT
=
A
method
of
managing
production
that…read more

Comments

katherine

amazing cheers :)

Emily

Using this as a last minute resource to re-learn for my resit exam has really brought all the knowledge for me.  Thank you for sharing this resource with us. Excellent and really detailed.

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