Marketing (including the Markting Mix - 4P's, Legislation, Market Research and Legislation)

Here is a document full of revision notes for GCSE Business Studies. It includes everything needed for the marketing section. I hope this helps you to revise! Please rate and comment on how to improve :)

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Preview of Marketing (including the Markting Mix - 4P's, Legislation, Market Research and Legislation)

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Specification ­ What you need to know for this topic!
(Revision Notes Start on Next Page)
4
Marketing
This
section
focuses
on
identifyi
ng and
satisfyin
g
custom
er
needs in
a
changin
g and
competi
tive
environ
ment.
Content Explanation of content
4.1 An understanding of the terms market, market orientation, product orientation,
The marketing, market segments and market research and analysis of the role that
market each plays in the identification and satisfaction of customer needs in a changing
and competitive market.
An understanding of the main elements of the marketing mix and how they
combine in satisfying customer needs in a changing competitive environment:
price ­ an understanding of the main pricing strategies and when they might
be applied ­ supply/demand, cost plus, penetration, competition, skimming,
promotional
promotion ­ an understanding of its aims and of its main elements:

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­ an analysis of their role and in
what circumstances they might be applied. Techniques will include price
reductions, gifts, point of sale after sales, free samples, competitions
types of advertising ­ an understanding of persuasive and informative
advertising and an analysis of when they might be applied
types of advertising media ­ an understanding of the main types of
advertising media and an analysis of their appropriateness in different
circumstances.…read more

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The Market
Product/Market Orientated Business
A product orientated approach means the business develops products
based on what it is good at making or doing, rather than what a
customer wants. This approach is usually criticised because it often leads
to unsuccessful products - particularly in well-established markets.
A marketing orientated approach means a business reacts to what
customers want. The decisions taken are based around information
about customers' needs and wants, rather than what the business thinks
is right for the customer.…read more

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Identifying ­ finding out by using marketing research about
current products, the possibility of new products, and about
current markets and possible new markets.
Anticipating (predicting) ­ analysing the data collected and using
the managers' skills to judge what might happen in these markets
and how the products might be suited or changed, adapted or
updated.…read more

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In which ways can their products be improved?
Does their promotion and packaging work to attract
customers?
Who are their competitors, and what do they produce?
Where do the products sell best?
How is the market changing?
Primary (Field) Research
Primary (Field) research involves the collection of primary data ­
information which has not yet been collected. It is collected specially for
the particular piece of research.…read more

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Interviews
Interviews might be used for primary research e.g. to find out whether a
member of the public like to product, such as soap powder, that had
been placed in their home for them to try out.
The interviewer will have a set of ready-prepared questions to ask the
interviewee, many of which will be open questions to allow them to
express their own opinions.
Points for interviews
It is easier to obtain detailed information about the person's
views.…read more

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Points against focus groups
Customers may have their opinions changed by other members
of the group.
This will only be a small number of customers, who may not
reflect the views of the majority of the customers.
It may be difficult to find people prepared to give up time for a
focus groups session.
Consumer Panels
This is where groups of consumers give their views about a product or
service over a period of time.…read more

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It only gives customers reactions; it does not give the reasons
for these reactions.
Product Sampling/Test Marketing
This is where samples of new products are offered, in a supermarket, for
example. The customers asked to taste or drink the product and then
answer questions about it.
Points for product sampling
It is easy to set up and carry out.
Customers usually respond well, because they're getting
something for nothing.…read more

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Examples of Secondary Research Methods:
Own past data
Newspapers
Trade journals
Government statistics
Internet
Reports from research companies
Advantages of Secondary Research
The information is often based on much larger scale research
than would be possible by a single business.
The information is usually analysed by experts who understand
the dangers of interpreting data.
The information already exists and so can be used right away.
Disadvantages of Secondary Research
Data can quickly become out of date and misleading.…read more

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For example, if a school was thinking of changing its uniform and wanted
the reaction of students, there would be no real point in asking ALL the
students at the school. A group of students would be questioned to
represent the views of all the other students. This is called a SAMPLE
group.
There are two main methods of sampling, Random and Quota
Random Sampling
Random does not mean haphazard selection, but that each member of
the population has some calculable chance of being selected.…read more

Comments

davidsalter

Very comprehensive notes covering all aspects of marketing. Not interactive but good for revision or using to adapt into your own notes or revision aid.

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