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UNIT 3
2…read more

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CONTENT:
1) MARKETING
-Market research
-Product trial and repeat purchase
-Product life cycle
-Boston Matrix
-Branding and differentiation
-Building a successful marketing mix
2) MEETING CUSTOMER NEEDS
-Design and research development
-Manage stock and quality
-Cost-effective operations and competitiveness
-Effective customer Service
-Meeting consumer protection laws
3) EFFECTIVE FINANCIAL MANAGEMENT
-How to improve cash flow
-How to improve profit
-Break-even charts and break-even analysis
-Financial growth
4) EFFECT PEOPLE MANAGEMENT
-Organisational structure
-Motivational theory
-Communication
-Remuneration
5) THE WIDER WORLD AFFECTING BUSINESS
-Ethics in business…read more

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Marketing
Market research
Market research is finding out about your:
Customers
Competitors
Market
There are two types of market research:
Primary ­ research you carry out yourself e.g. questionnaires
Secondary ­ research that has been carried out by someone
else and you use it to make decisions e.g. internet,
newspapers
You use your market research to get a feel of what your customers
want.…read more

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Most businesses have many products
The range of products they sell is known as the PRODUCT MIX
E.g
Product life cycle:
ALL products have a life-span/expectancy.
Businesses usually use the product life cycle to illustrate this
and work out how well products have done, or will do in the
future.…read more

Page 6

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Introduction ­ introduction to the public, pre-orders etc.
2. Growth ­ sales begin and continue to steadily rise, product
becomes well known
3. Maturity ­ sales have peaked, product is well known and has
many loyal customers
4. Decline ­ sales are decreasing, losing customers and losing
money
o Businesses usually make a PRODUCT PORTFOLIO which is a collection of
all their products.…read more

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Problem Children/?'s Stars
- products having a low market share in a high growth Products in markets experiencing high growth rates with a
market high or increasing share of the market
- need money spent to develop them - potential for high revenue growth
- may produce negative cash flow - keep and build your stars!
- potential for the future?
Dogs Cash Cows
- products in a low growth market - high market share
- have a low or declining market share (decline stage…read more

Page 8

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Building a successful marketing mix
When a business is planning its marketing it will use the marketing
mix to ensure its marketing is effective.…read more

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Page 10

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Comments

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