MARKETING Business Studies 2011. Marketing is the process used to determine what products or...
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Transcript of MARKETING Business Studies 2011. Marketing is the process used to determine what products or...
![Page 1: MARKETING Business Studies 2011. Marketing is the process used to determine what products or services may be of interest to customers, and the strategy.](https://reader036.fdocuments.us/reader036/viewer/2022083005/56649f1c5503460f94c3250c/html5/thumbnails/1.jpg)
MARKETING
Business Studies
2011
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Marketing• is the process used to determine what products or
services may be of interest to customers, and the strategy to use in sales, communications and business development
Marketing Mix:
P P P P
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Product• Consumer product:
• Producer product:
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Price• The objectives of the business
• The degree of competition in the industry
• The channels of distribution
• The business image
Price strategies:
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Promotion• Promotion refers to the tactics that a business uses to
make consumers aware of their product(s) and to entice them to purchase the products, creating sales revenue for the business
• Promotion can often be referred to as either:
• 'above the line’
• 'below the line’
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Place
This refers to:
• firstly to the stores and the retail outlets where consumers can purchase the products of the business
• secondly to the channels of distribution that the business uses to get its products from the factory to these outlets.
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SWOT
STRENGTHS WEAKNESSES
OPPORTUNITIES THREATS
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SWOT-analysis of Starbucks, Moscow
STRENGHTS WEAKNESSES
OPPORTUNITIES THREATS
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Boston Matrix
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Boston Matrix
Examples:
• Problem child:
• Star:
• Dog:
• Cash cow:
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PESTEL Analysis• Politics
• Economics
• Social
• Technics
• Environment
• Legal
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PESTEL Analysis (Apple)• Politics
• Economics
• Social
• Technics
• Environment
• Legal
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Product Life-Cycle
This shows the various stages that a product is expected to pass through and it also indicates the likely level of sales that can be expected at each stage.
Generally, there are six stages to the lifecycle – _______________, ________________, ___________, _________________, ________________ and ________________.
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Extension strategies
If a business believes that a product which has reached the saturation stage of the lifecycle can still produce a higher level of sales, then it may choose to implement one or more extension strategies to improve the product's ailing level of sales, such as :
• changing the appearance and the packaging of the product
• trying to find new uses for the product• trying to find new markets for the product• trying to entice customers to use the product
more frequently
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The effects of an extension strategy on a product lifecycle can be represented in the diagram below: