Marketing and achieving business objectives
Outline one business objective other than to make a profit.
to increase sales
to increase market share
to improve levels of customer satisfaction
Define market research.
is the process of investigating and analysing the activities and behaviours of customers and competitors in a specific industry.
Identify the two categories a product can fall into.
intangible and tangible.
identify one way a business can promote their product
advertise, sales promotion, direct marketing, personal selling, public relations
Explain the meaning of 'word of mouth recommendations.'
involve a customer expressing their interest in a business’s product and recommending the good or service to others through conversation.
Define the term 'marketing'.
Marketing is the process of implementing strategies to price, promote, and distribute products to current and potential customers.
Identify the two methods of collecting data and an example of each
secondary - internet research
Give and example of a tangible product
hair products
Give an example of how a business can use direct marketing in their promotion.
can include:
- physical mail outs
- telemarketing
- door to door sales
Explain one way a business can maintain a positive business reputation
properly trained to provide customers with a high level of customer service.
knowledgeable about the business’s products.
motivated and passionate about the products offered by the business.
Identify two elements of a customer profile
age, gender, education, income, marital status, lifestyle, hobbies, where the customer lives or shops.
Identify the three steps in the market research process.
Define the problem, collect the data, interpret and analyse the data.
Identify and explain one element relating to the product mix.
branding, design, quality, positioning, packaging
'lowest prices are just the beginning'
'have a break, have a ...'
'more smart, more safe, ...'
bunnings, kitkat, mortein.
Provide an example of ambience in a real life business
Peter Alexander scent.
Market research - the process of collecting information, via primary or secondary data, relating to customer needs and preferences.
Outline one problem that can be solved through market research
Potential market changes and new trends, Needs of potential customers, customers tastes and preferences, degree of competition.
Propose and justify one pricing strategy
refer to teacher
Explain one distribution channel
refer to teacher
Explain one benefit of a direct distribution channel
can control the customer/user experience
Targeting a business’s customer base can increase the number of customers who will make repeat purchases, subsequently increasing the number of sales.
Offering a product that suits the needs and wants of those within the business’s customer base, better than competitors, can help increase a business’s percentage of sales within its respective industry.
Ensuring the product offered suits the needs of those within the business’s customer base can lead to lower amounts of customer complaints. A lower number of customer complaints indicates that customers are more satisfied with the business’s product.
Marketing strategies focused on targeting those within the business’s customer base can establish loyal customers who purchase products regularly. This can increase sales revenue and allow the business to increase its overall profit.
Justify the use of a survey to collect data
can reach a wide range of potential customers, generally free and easy to use. Can ask a range of qualitative and quantitative questions.
may feel they are being manipulated, overused strategy so may not work
Discuss advertising through social media.
adv:
- can reach a wider range of customers
disadvantage:
- may not be a compelling message so the product may be disregarded
Propose and justify one way that a business can enhance the experience of customers
after sales warranty/ service
payment options
opportunity to provide feedback