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Revision Business Angela

Marketing
Marketing is the management process responsible for identifying, anticipating and satisfying
customer requirements.

Approaches to Marketing
Product Led approach ­ The product is made and then sold
Market Led approach ­ Research about what the market want is done and then
the product is made according…

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Secondary Research ­ Using data that has already been collected for
another purpose.

Advantages and Disadvantages of Secondary Research
+ Cheaper than Primary
+ Quicker to gather than Primary
May be out of date
May be in an inappropriate format
Very general and available to other firms

Quantitative and Qualitative…

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Income
Socioeconomic groupings
Usage rates
Purchase occasions

More modern methods of segmentation focus on the motives people have when they buy a
product.

Is Segmentation Worth it?
If a firm can identify different groups within a market, it can offer products that precisely
match their requirements. They can adjust what…

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Mass Marketing A firm aims a product or service at most of the market. To operate in a
mass market a firm must be able to produce goods on a large scale.
Advantages and Disadvantages of operating in a mass market:
+ The firm can produce large numbers of relatively…

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Encourage the use of the product on more occasions
Reduce the price
Adapt the product
Introduce promotional offers
Change the image of the product






Product Launch and Capacity Utilisation
Capacity of a firm refers to the maximum amount it can produce at a moment in
time.
Capacity utilisation refers to…

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been done. The product is likely to have a good distribution system and people are aware that the
product exists. This type of product is likely to bring in high levels of cash for the firm as it's
producing relatively large amounts of sales so costs per unit should be…

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