Learning aim C

Question 1

setting appropriate aims and objectives

Answer 1

To support the development, implementation, and monitoring of progress against set marketing aims and objectives, it is crucial that the following key factors are identified:​
What is the specific marketing aim (SMART)​
What are the objectives supporting this aim (SMART)​
What is the strategy to achieve this marketing aim​
How you will monitor progress and determine success of this marketing aim​

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Question 2

strengths (situational analysis)

Answer 2

Strengths are seen as an internal factor which is linked to the business’ assets, resources, processes, and people.​

Strengths are all about what the business is doing well and any advantages it has over its competitors.

Question 3

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Three key questions to help you complete the strengths section are:

Answer 3

​What does the business do well?​
What is unique about the business or product?​
What do others view as positives in the business?

Question 4

weaknesses (situational analysis)

Answer 4

Seen as an internal factor which is linked to the business’ assets, resources, processes, and people.​
Weaknesses are all about what the business could improve and what it is doing to a lower standard or less effectively than its competitors.

Question 5

Three key questions to help you complete the weaknesses section are:​

Answer 5

What does the business need to improve?​
What limitations does the business have?​
What do others view as negative in your business?

Question 6

opportunities (situational analysis)

Answer 6

Seen as an external factor which is linked to the market, competition, and wider economy. ​
Opportunities usually develop outside of the business so it is crucial that a business is consistently analysing the external environment to support them to identify and exploit any feasible opportunities.​

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Question 7

Three key questions to help you complete the opportunities section are:

Answer 7

What opportunities does the business have?​
What trends could the business take advantage of?​
Can the strengths of the business be improved further?

Question 8

threats (situational analysis)

Answer 8

Seen as an external factor which is linked to the market, competition, and wider economy. ​
Threats include any external factors which can have a negative impact on the business such as Brexit and coronavirus. Alternatively, a specific advantage or USP that a competitor has. ​

Question 9

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Three key questions to help you complete the threats section are:

Answer 9

What threats could negatively impact the business?​
Which of the business’ weaknesses increase the likelihood of threats impacting the business negatively?​
What is the competition doing which threatens them?

Question 10

political (situational analysis)

Answer 10

Political factors are centred around the actions and decisions of the government, which in turn influence the economy and the level of support provided to businesses or restrictions placed on specific industries which ultimately impacts and restricts businesses.

Question 11

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The range of political factors and impact they have will depend on the business and the industry it operates within, but typically include:

Answer 11

Political stability or instability in the country​
Tax policies​
Environmental regulations​
Trade restrictions and reform​
Health regulations i.e. banning the promotion or advertisements of Tobacco products.

Question 12

economical (situation analysis)

Answer 12

Economical factors are linked to the economic performance and growth of a country.

Question 13

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There a number of key factors that must be considered which influence the economic performance and growth, including:

Answer 13

Exchange rates​
Rates of inflation​
Unemployment rates (local and nationally)​
Wage rates​
Cost of living​
Credit availability​
Trade cycles i.e. boom, peak, recession, and recovery

Question 14

social (situational analysis)

Answer 14

Analysis of the social factors focuses on the core demographics, cultural norms, attitudes, and expectations of the society the business operates within.

Question 15

This includes key factors such as: (social)

Answer 15

Income distribution ​
Lifestyle ​
Population growth rate​
Age distribution ​
Health consciousness​
Work status and career attitudes

Question 16

technological (situational analysis)

Answer 16

In relation to marketing, technology has a huge influence and can generally work to the businesses advantage if they understand what is available and how to use it.

Question 17

When developing a marketing campaign, businesses have a wide variety of technology to choose from to advertise and promote their business, such as:

Answer 17

Social media (including organic and paid for reach) on platforms such as: Facebook, Instagram, YouTube, Pinterest, Snapchat, and Tik Tok.​
Google AdWords.​
Advertisements through TV and radio.

Question 18

legal (situational analysis)

Answer 18

Legal factors form the foundations of how a business operates, providing them with guidelines of how to operate within the law so they know what they can and cannot do.

Question 19

There are many laws and regulations which impact a business, but some are more influential on their marketing activities such as:

Answer 19

‘The ‘Business Protection from Misleading Marketing Regulations’ which states that marketing must be accurate and honest to ensure it does not make misleading comparisons with competitions and restricts businesses from:​
using a competitor’s logo or trademark, or something very similar​
comparing your product with a competitor’s product that’s not the same (Gov, 2020)​
‘The Consumer Protection from Unfair Trading Regulations’ which states that a business cannot mislead or harass consumers by, for example:​
including false or deceptive messages​
leaving out important information​
using aggressive sales techniques (Gov, 2020)

Question 20

environmental (situational analysis)

Answer 20

Environmental factors are becoming increasingly influential on the way in which businesses operate and conduct marketing activities year on year. ​
There are many growing trends in environmentalism, such as ‘sustainability’ and ‘being environmentally friendly’ which are both becoming increasingly important for both consumers and businesses​
Therefore, these areas tend to be a key focus and central to many businesses marketing strategies with the aim of helping both their environment and their brand image.​
When a business executes a marketing campaign which capitalises on these factors, the target audience tends to both participate and connect with the campaign.

Question 21

target market

Answer 21

the specific customers a business is trying to attract to them and to their products and services

Question 22

a business must consider

Answer 22

-diff audiences react and engage with marketing in different ways
-it is very important to use data to support any decisions made
-the business is likely to use market segmentation to offer specific customer needs

Question 23

competition

Answer 23

another business that offers the same/ similar products as another

Question 24

a business must be- competitors

Answer 24

-aware of their competitors activity, which can be achieved by utilising research data and conducting competitor analysis
-conducting competitor analysis based upon research data, a business can asses the strengths and weaknesses of its competitors of its and make comparisons between themselves and the competition which leads to more well informed decisions in relation to the development if tis products and associated marketing campaigns

Question 25

marketing mix- product

Answer 25

a physical item that a business offers to its customers to buy in exchange for money

Question 26

marketing mix- the product

Answer 26

-focused on what the business offers to customers to satisfy their wants and needs. importantly, this doesn’t just relate to a tangible product and will vary between businesses
-also known as ‘product development’
-therefore, when analysing the product, you may consider some of the following that are offered by the business(this list is not limited)
-physical goods
-digital goods
-services
-events
-info and data

Question 27

poduct development- marketing mix- form and function

Answer 27

-is related to the design of the product
-how well the product works

Question 28

the product- the marketing mix-form and function

Answer 28

-another key element of the ‘product’ element is weather it is designed for form of function
-if the product was designed on its form, it would typically be very easy on the eye, great to look at and impressive e.g a pair of high end designer shoes
-however, if the product was designed with too much focus on the form, it may not be very practical for the user. meaning it looks good, but is’nt very useful ie the pair of high end shoes may look very stylish and have a wow factoer, but may be very uncomfortable and the user may even struggle to walk in them

Question 29

prod development-marketing mix - packaging

Answer 29

how the product is wrapped/presented to customers

Question 30

the product- marketing mix- packaging

Answer 30

-packaging is another key component, with many businesses investing vast amounts of time and money to perfect their packaging
-the packaging of the product may be the final factor in a customers decision making process before they commit to purchasing
-packaging should be : well designed, functional, and in good condition
-relevant to the product and target audience, whilst being attractive to draw customers attention if the product is displayed in its packaging
-informative about the product
-if the product is packaged well, it instils confidence in the customer and could be the reason why they hose one business’ product over a competitors alternative
-however, if any of the above factors were missing or not at a good standard, it is likely to lead to a decrease in sales

Question 31

product development-marketing mix-branding

Answer 31

the colours and fonts used, how the consistent theme is used throughout a business product range

Question 32

the product- marketing mix- branding

Answer 32

-the strength of a brand can be pivotal to the impact of any associated marketing campaigns
-a business with a really strong recognisable brand has a huge adv over its competitors who don’t
-it can actually be the brand itself which catches of a person and engages them when they see a marketing campaign, especially if they are loyal to the brand or hold it in high regards
-when developing the brand, it is essential that the business s able to differentiate themselves with the competition with a really strong brand identity and logo
-also ,it is crucial that the business pays careful attention to how their brand(including any logos or slogans etc) translates worldwide if they operate on a global scale

Question 33

price penetration

Answer 33

Penetration pricing is when a business launches a product with a lower price initially to increase sales
-The idea of penetration pricing is based on the lower price point being more attractive to the target market, which in turn boosts sales and helps the business to compete against their competition.

Question 34

advantages of price penetration

Answer 34

-increased attention, boost sales,
-brand loyalty if customer has a good experience
-small businesses may not be able to compete with lowering prices, may reduce competition

Question 35

disadvantages of price penetration

Answer 35

-frustrate loyal customers as they have to pay prem to get the prod first
-customer my just wait till price decreases, impacts the success and profitability
-Due to the overinflated price, it is easier for a competitor to undercut the business and still make a profit on a rival product, which can reduce demand and the overall success of the product.

Question 36

competitor based pricing

Answer 36

when a business sets a selling price based on the selling price of rival products

Question 37

competitor based pricing explained

Answer 37

3 options, price lower price higher or the same as competitors
1-If the business sets the price higher than the competition, they need to have a justified reason to influence customers to spend more e.g. a USP or additional features.
2-if the business sets the same price as the competition, additional investment in marketing may be required to influence the customer’s buying behaviour.
3-If the business sets the price lower than competitors, it is crucial they monitor the profit margins and ensure production costs are kept to a minimum.

Question 38

adv of competitor based pricing

Answer 38

-simple
-Can be very effective if the business has a USP over its competitors
-If the business can produce the product at a lower cost than their competitors then they are able to undercut them and still make a profit.

Question 39

dis adv of competitor based pricing

Answer 39

-It does not take customers into account as it is focused solely on the price of competitors
-Not always feasible for small businesses due to limited funds and increased production/purchasing costs.

Question 40

cost plus pricing

Answer 40

when a business adds a set percentage or monetary amount onto the cost of production to set the selling price.
-great way to make a guaranteed amount of profit per sale

Question 41

adv of cost plus pricing

Answer 41

It’s a very simple pricing strategy, all the business has to do is decide on a % or monetary amount which they want to earn per sale and add it to the costs.
Very clear for customers to understand and can help to increase trust and long term relationships with customers.
The business knows the exact amount of profit they should receive on a consistent basis overtime which helps to produce forecasts and plan etc.

Question 42

dis adv of cost plus pricing

Answer 42

As the price doesn’t take into account any external factors such as competitors or demand, it can be very unrealistic and can be detrimental to the success of the product.
It can reduce the emphasis of operating efficiently and minimising production costs as the business just adds on the amount of profit it wants to make on top of any costs incurred.
It’s restrictive in nature and doesn’t allow flexibility to be dynamic and adapt to market conditions which can be very detrimental if the business operates on a very competitive market place such as Amazon.

Question 43

promotion

Answer 43

any attempt to inform the target market of the product or service and then persuade and influence their buying behaviour.

Question 44

advertising

Answer 44

an attempt to attract the specific target market to want to buy the businesses product/service.

Question 45

Promotion using the AIDI model

Answer 45

The AIDI model identifies the stages which consumers go through during the buying process and can be used by marketers to influence buyer behaviour during a marketing campaign.
There are 4 stages:
1. Awareness
2. Interest
3. Desire
4. Action

Question 46

public relations

Answer 46

PR, essentially forms the foundations of how a business communicates with its stakeholders such as: customers, journalists, partners, and even competitors.

Question 47

Promotion using public relations (PR):

Answer 47

PR is used to communicate and develop a positive public perception
It is essential for a business to have a consistent and connected PR and marketing strategy as customers don’t buy the products, they buy the brand
PR is what creates awareness and connections between the target audience and the brand

Question 48

sponsorship

Answer 48

provides businesses with the opportunity for their brand to be exposed to an audience they are trying to reach. E.g. airlines sponsoring football teams/kits

Question 49

promotion using sponsorship

Answer 49

-cost effective, comes ion all sorts of formats, can provide business with lots of value in return
-It might not provide businesses with an instant monetary return, it may just help build brand awareness and trust in the short term and the financial rewards may be long term and are often hard to judge accurately

Question 50

Businesses can use sponsorship in a variety of ways

Answer 50

1-They could sponsor events, by appearing on banners or being mentioned vocally throughout the event.
2-They could sponsor another business which operates in a different industry but engages their target market. This method may see the business’ logo and brand being promoted on uniforms, shop windows, and websites etc.
3-A very common example is sports sponsorships, such as sponsoring a football team or player. By doing so, the business is seeing it’s brand exposed to everyone who watches the game

Question 51

social media

Answer 51

pages and posts that are shared online which can provide a big online presence

Question 52

Gruella marketing

Answer 52

an advertising strategy that uses unconventional tactics to delight and attract customers

Question 53

promo using Gruella marketing

Answer 53

-is often planned and executed on low budget but requires high level of creativity and thought
-relies on the element or surprise and tries to provoke an emotional reaction
-hard to ignore and are presented in public areas
-does’nt last long so needs to do its job and appeal to enough people

Question 54

Gruella marketing needs to

Answer 54

-identify their goals
-know the audience
-decide weather the message will be provocative or be offensive?
-be brief
-do research first

Question 55

personal selling

Answer 55

sales that are made on a 1:1 basis either in person, over the internet or on the internet or on the phone