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Bs unit 3 section 5 of 6
1.
Scholar Virtual Academy
Address : No 03, Daisy Villa Avenue, Bambalapitiya, Colombo 04 Tel : (94 11) 2553466 / 2593571 Email : applicationises@scholar.lk Website : www.international-scholar.com EDEXCEL AS Business Studies REVISION by Apsara Sumanasiri © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
2.
AS Business Studies
Unit 2 Section 1 Marketing Plan © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
3.
Marketing objectives
& Strategy © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
4.
What is marketing?
Marketing is the management process that is responsible for identifying, anticipating and satisfying customer requirements profitably © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
5.
What is marketing?
Customer is KING! If firms want to survive, they must satisfy consumer wants. © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
6.
The role of
marketing The main purpose of marketing is to increase customer demand, i.e. to shift the demand curve outwards. © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
7.
The role of
marketing The marketing department does not work in isolation. The objectives of the marketing department must fit in with the objectives of the business. © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
8.
Marketing objectives Possible marketing
objectives could be: • To increase sales • To create brand loyalty • To develop the product range • To survive in the market • To change the market position • To increase Market Share © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
9.
What determines marketing
objectives External factors: Internal factors: • Customer behaviour • Market Research • Competitor Findings behaviour • Forecasted Sales • The economy • Forecasted Profits • Technology • Availability of • Government Finance • Changes in the law • Suppliers © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
10.
Forming a marketing
strategy A marketing strategy is designed to achieve the marketing objectives. The marketing strategy should consider: • The target market • The marketing mix • The strategy of the business © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
11.
Mass Vs. Niche
Marketing A niche market: A mass market: • Targets a very small • Appeals to the segment of a whole market market • Requires high sales • Sales will be lower, volume and low but prices will be prices higher © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
12.
The marketing mix
The marketing mix in said to consist of the 4 key elements needed for successful marketing, often referred to as the 4 Ps. © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
13.
Marketing Mix
* Product * © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
14.
The marketing Mix
- Product Developing new products is time consuming and businesses will want to protect their new products and ideas (intellectual property). This can be done through: • Patents • Copyrights • Trademarks © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
15.
Product Life Cycle ©
2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
16.
Product Life Cycle ©
2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
17.
Product Life Cycle ©
2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
18.
Managing a product
portfolio A product portfolio refers to a range of products produced by a company or brand. A portfolio can be managed using a product life cycle approach © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
19.
How useful is
the product life cycle? The product lifecycle is important to find the approach on the other factors of the marketing mix, however: • It’s impossible to tell how long a product is going to last and therefore identify where on the PLC the product is. • It’s of little use to tertiary sector businesses • Less effective for firms with a large product portfolio (eg. NOKIA) • It only considers sales and profits © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
20.
Boston Consultancy Group
Matrix © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
21.
Boston Consultancy Group
Matrix A portfolio of products or simply put, a group of products can be analysed using the Boston Matrix. This matrix categorises the range of products that the business has into one of four different types, Stars, Problem child or question mark, Cash cow and question mark. This classification is done based on two criteria ie. Market share and market growth. © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
22.
Boston Consultancy Group
Matrix • Market share – refers to the proportion of the total industry sales that a particular product hold and thus looks at whther the product being sold has a low or high market share? • Market growth – looks at whether the numbers of potential customers in the market growing or not? © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
23.
Boston Consultancy Group
Matrix Stars are high growth products competing in markets where they are strong compared with the competition. Often Stars need heavy investment in order to sustain the market share during growth. Eventually growth will slow and, assuming they keep their market share, Stars will become Cash Cows © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
24.
Boston Consultancy Group
Matrix Question marks are products with low market share operating in high growth markets. These are typically new products in the market. Therefore, would have low mkt share togetherwith a high potential for growth.. This suggests that they may need substantial investment to grow market share at the expense of larger competitors. Management have to think hard about “Question Marks” - which ones should they invest in to help grow? Which ones should they allow to fail or shrink? © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
25.
Boston Consultancy Group
Matrix Cash cows are low-growth products with a high market share. These are mature, successful products, thus have a high mkt sh together with less growth potential due to the products maturity in the mkt and thus low potential to grow any futher.. these products need to be managed for continued profit - so that they continue to generate the strong cash flows that the company needs. Thus, re-investment is very important. © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
26.
Boston Consultancy Group
Matrix Unsurprisingly, the term “dogs” refers to products that have a low market share in unattractive, low-growth markets. Dogs may generate enough cash to break-even, but they are rarely, if ever, worth investing in. Dogs are usually sold or closed. © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
27.
Marketing Mix
* Price * © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
28.
Influences on price •
Demand and supply • Market conditions • Production costs • Market structure • Taxes and subsidies • Business Objectives • Marketing mix © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
29.
Pricing strategies Short-term pricing
strategies These are often used for promotional reasons • Penetration pricing • Market skimming • Discounts/Sales • Loss leader © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
30.
Pricing strategies Long-term pricing
strategies • Demand-based • Cost-based • Competitor-based • Psychological © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
31.
Price Elasticity of
Demand PED shows the responsiveness of quantity demanded to a change in price. It can be calculated as: © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
32.
Price Elasticity of
Demand PED is always negative, due to the inverse relationship between price and quantity demanded. Once the negative sign is ignored there are three possible outcomes: © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
33.
PED and total
revenue Price increase Price decrease Demand elastic Revenue falls Revenue rises Revenue remains Revenue remains Unit elastic constant constant Demand inelastic Revenue rises Revenue falls © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
34.
Marketing Mix
* Place * © 2013 by Apsara Sumanasiri. All rights reserved. | Edexcel AS Business Studies Unit 2 Revision on Scholar Virtual Academy
35.
Good Luck
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