Pages in this set

Page 1

Preview of page 1
Business ­ Marketing Emma Rudd BMA




Marketing ­ The Marketing Model
Marketing Decision Making
Marketing managers face numerous opportunities and threat in the business environment and must
therefore make decisions about the best course of action to take at any given moment. The resources of
the firm and its perceived…

Page 2

Preview of page 2
Business ­ Marketing Emma Rudd BMA







Marketing ­ Correlation and Extrapolation
Correlation
When analysing market trends firms will attempt to identify whether there is a correlation between
different variables and levels of sales. Correlation occurs when there appears to be a link between two
factors. For example a firm might…

Page 3

Preview of page 3
Business ­ Marketing Emma Rudd BMA




It is important therefore for firm to look ahead when undertaking market planning. This way a manager
can identify any particular segments of growth or decline, and act accordingly. Obviously if a firm can
plan ahead it is more likely to be successful than…

Page 4

Preview of page 4
Business ­ Marketing Emma Rudd BMA




When deciding on a marketing strategy there are many issues to consider, such as
Should the firm compete in a niche or try to compete head on with the major players in a mass
market?
Should the firm try to match competitor's offerings but…

Page 5

Preview of page 5
Business ­ Marketing Emma Rudd BMA




Market Penetration: this strategy occurs when a firm tries to sell more of its existing products to
its existing customers. To achieve more sales the firm may adjust elements of its marketing mix. For
example it may increase it's spending on advertising or cut…

Page 6

Preview of page 6
Business ­ Marketing Emma Rudd BMA




The marketing mix should be linked directly to the strategy. If the strategy is to position the product at the
upper end of the market this will influence the price being charged, where the product is distributed, how
the firm promotes the brand and…

Page 7

Preview of page 7
Business ­ Marketing Emma Rudd BMA




Does it fit with the firm's strengths?

The ultimate test of any plan is, of course, whether it actually works. To some extent this is in the hands
of the firm but it also depends on external factors. Even the most successful businessperson is…

Page 8

Preview of page 8
Business ­ Marketing Emma Rudd BMA




Setting the Marketing Budget
The marketing budget should be set in consultation with those who will be responsible for undertaking
the activities it involves. The amount of money to be spent on marketing overall for example should be
agreed with the marketing manager. Given…

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »