Exam (elaborations)
Unit 2 Developing a Market Campaign (F) 2024/2025 already graded A+
- Course
- Institution
Unit 2 Developing a Market Campaign (F) 2024/2025 already graded A+
[Show more]
Content preview
Unit 2 Developing a Market Campaign (F)▪️Identifying Needs
▪️Promoting products/services/contribute brand development
▪️Pricing of the brand
▪️Promoting brand by various means
▪️Distribute brand right locations e.g online - ANSPrinciples of Marketing
▪️Anticipating Demand
▪️Recognising Demand
▪️Stimulating Demand
▪️Satisfying Demand - ANSPurpose of Marketing
An ice cream manufacturer will expect an expert to know the weather forecast and how the
weather will impact the sales - ANSAnticipating Demand
Keeping up to date with what competitors are selling and trends in consumer behaviour e.g
Lego kits after release of Jurassic Park - ANSRecognising Demand
📰
Ways to promote brands
🎫
▪️e.g advertising on billboards, news & online
😃
▪️Offer BOGOFs, cinema packs of e.t.c
▪️Happy hour: reduced prices, encourage customers to stay & eat when buying cheaper
▪️Vouchers - ANSStimulating Demand
🎄
Making sure stocks/ capacity to deliver service r sufficiently available e.g enough stock 4 toys
for - ANSSatisfying Demand
▪️Understanding customers wants & needs
▪️Developing new products
▪️Improving profitability by reducing cost
▪️Increasing Market Share
▪️Diversification
▪️Increased brand awareness & loyalty - ANSMarketing Aims
📀
A customer might think he needs a tablet but what he really needs is a laptop which they can
play . In order to promote the Marketer needs to differentiate needs & wants & identity key
features they should be marketing - ANSUnderstanding customers wants & needs (MO)
To expand business marketing can provide customer ideas by asking for customer feedback like
Walkers to add new flavours. Once new product developed e.g PS4 business will make new
games & accessories - ANSDeveloping New Products (MO)
, Improving profitability by reducing cost (MO) - ANSE.g by reducing cost a baker delivers fresh
👣
baked to predetermined central location like schools for customers to buy & collect. Reduces
transport cost & carbon
▪️Market share is position of business with large market share 4 goods & services
🇬🇧
▪️Market share can be measured by volume of goods sold/value of those goods.
▪️e.g 2015 Tesco great market share in but Sainsbury overtook ASDA in terms of market
🐱
share.
▪️Pedigree Pet foods is market leader in pet food market brands like Whiskas food -
ANSIncreasing Market Share (MO)
Where business market new product rather than usual 2 ways this can work is:
▪️business produce new product e.g Sony Xperia a phone&tablet
▪️business enters a new, unrelated area such as supermarket banking - ANSDiversification (MO)
E.g BMW more awareness can increase sales perhaps loyalty/confidence in similar products/
services - ANSIncreased brand awareness & loyalty (MO
Mass marketing is marketing with the intention of selling something to as many people as
possible e.g supermarket, drugstore - ANSTypes of Market (Mass)
A small part of a larger market that has its own specific wants and needs - ANSNiche Market
Businesses has to identify the purpose of its product/services in orders to establish its target
market - ANSMarket Segmentation
▪️Branding
▪️Brand Personality
▪️Brand Image
▪️Unique Selling Point/Proposition(USP) - ANSE.g of Market Segmentation
▪️Budget Constraints
▪️Availability of Specialist Staff - ANSSuggestions of Business Size on Marketing Activity
▪️Cost of the Campaign
▪️Availability of Finance
▪️Staff Expertise
▪️Size & Culture of the Business - ANSInternal Influences on Marketing Activity
▪️Political Factors
▪️Economic Factors
▪️Social Factors
▪️Technological Factors
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ashley96. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82871 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now