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Business Studies Unit 2 WJEC AS All topic notes
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This is the Ultimate AS RevisionPowerPoint!
Courses that this covers:
WJEC Business Studies Unit 2
Made by Student: Owen Nosal
College: Cronton Sixth Form College
Teacher: Pam
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,2
,Are you ready to begin your quest in
becoming the ultimate drug dealer
entrepreneur?
Are you?
3
, Message
Sorry for
the lack
(no) of
memes.
4
, Quick Links
Workforce
Branding
Appraisal
Marketing
Workforce performance
Pricing
Organisation design
Product life cycle
Motivation
Product
Management and leadership
Promotion
Relationships
Boston matrix
Added value
Product - USP's
Production
Place
Technology
Business Functions
Lean production
Budgeting
Quality
Cash flow management
Purchasing
Research and Development
Economies of scale
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, Branding
Definition: Branding is a name given by a producer to one or more of its products.
Choosing a brand name is an important part of a firms marketing strategy. An effective brand name is likely to be
short, distinctive, and easy to remember. It should also project the required image of the product.
Types of branding
Multiple branding – A firm uses a range of brand names for its products
Advantages
- No adverse impact of other brands if one declines
- tailor brands to products
- Enables companies to enter different markets
Multiple product branding – Only one brand name is used for a range of products e.g. Ford, Sony
Advantages
- Good for companies with strong brands that operated with related products
- Strengthens brand
- Cheaper, most cost effective
Retailers own brands – Products branded with the name of the retailer responsible for selling them. E.g.: WH Smiths,
Boots, Tesco (The goods may not be made by the retailer)
Advantages
- Importance increasing
- Retailers earn more profit (higher margins on own brand products)
- Brings customers in – cheaper alternative 6
- Builds customer brand loyalty
, Branding 2
The purpose of branding
1. To create brand loyalty – many customers have a high degree of brand loyalty to a particular brand
2. To help differentiate the product – A brand name will help the product stand out, especially in markets where
products are all fairly similar.
3. To help recognition – A product with a strong name will be in instantly recognisable, which help increases sales.
Some brand names have become synonymous with the product E.g., Sell tape
4. To enable firms to charge a higher price for their product – Consumers may be willing to pay higher prices for
well know brand names, because they trust the quality of the product.
5. To ease the launch of new products – firms with strong brand names are likely to find it easier to launch new
products, as people will trust the quality of the product.
Problems with branding
1. It is expensive to establish and maintain brand names, as it will require a lot of advertising.
2. 2 if a brand is associated too closely with a particular product or range of products, it could be hard for a firm to
move into a new market. For example, could Heinz launch its own brand of beer?
7
, Branding 3
The purpose of branding
1. To create brand loyalty – many customers have a high degree of brand loyalty to a particular brand
2. To help differentiate the product – A brand name will help the product stand out, especially in markets where
products are all fairly similar.
3. To help recognition – A product with a strong name will be in instantly recognisable, which help increases sales.
Some brand names have become synonymous with the product E.g., Sell tape
4. To enable firms to charge a higher price for their product – Consumers may be willing to pay higher prices for
well know brand names, because they trust the quality of the product.
5. To ease the launch of new products – firms with strong brand names are likely to find it easier to launch new
products, as people will trust the quality of the product.
Problems with branding
1. It is expensive to establish and maintain brand names, as it will require a lot of advertising.
2. 2 if a brand is associated too closely with a particular product or range of products, it could be hard for a firm to
move into a new market. For example, could Heinz launch its own brand of beer?
8
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