Exam (elaborations)
BTEC Business Level 3 - Unit 2 already graded A+ 2024/2025
- Course
- Institution
BTEC Business Level 3 - Unit 2 already graded A+ 2024/2025
[Show more]
Content preview
BTEC Business Level 3 - Unit 2What are the roles of marketing? - ANS1. to make customers aware of the products or services
provided
2. to build brand awareness and trust to increase market share
3. to make customers pay more for the same product
Examples of marketing? - ANSSocial media, TV adverts, leaflets
What are the principles and purposes of marketing? - ANSto generate customer satisfaction by:
- identifying needs
- promoting products or contributing to brand development
- pricing of the brand
- promoting the brand by various means
- distributing the brand in the right locations
What is anticipating demand? - ANSto estimate and anticipate demand, its important to look at:
- the impact of past marketing campaigns
- results of market research
- demand for previous products
- demand for competitors products
- impact of competitors marketing campaigns
What is recognising demand? - ANSIf a marketing campaign is successful (demand increased),
the business must try its best to meet rising demand. Recognising demand will allow new
customers expectations to be met, which leads to long term brand loyalty and an increase brand
awareness and recognition.
What is stimulating demand? - ANSstimulating demand can be achieved by:
- reducing the products price at launch
- exclusively distribute the product to a particular store
- only release a limited quantity of the product
What is satisfying demand? - ANSWhen consumer demand increases, it's important for
businesses to satisfy this to ensure it can maximise the potential profit.
Marketing aims and objectives: Understanding customer wants and needs - ANSIf businesses
understand the wants and needs, they can use this to increase customer loyalty, and attract new
customers through positive work of mouth.
- look at the business from customers point of view
- collect and analyse data on customer buying behaviour within their industry.
- conduct primary research to ask customers directly what they think.
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
