lesson 3/4

Question 1

what does place refer to?

Answer 1

this refers to where the product will be sold and how it will be distributed

Question 2

what does promotion refer to?

Answer 2

this refers to how the product will be advertised

Question 3

methods of promotion

Answer 3

advertising, sponsorship, sales promotion

Question 4

description of advertsing

Answer 4

paying for a message to be shown through various media, such as television, radio magazines, newspapers, social media etc. it can be expensive

Question 5

description of sponsorship

Answer 5

providing financial assistance to an individual, event or organization in return for exposure and advertising.

Question 6

description of sales promotions

Answer 6

short-term sales initiatives to boost sales, for example, various offers such as ‘buy one, get one free’ (BOGOF) competitions, collect the tokens, loyalty cards, credit terms and coupons.

Question 7

SWOT analysis

Answer 7

SWOT is a study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats

Question 8

Strengths of SWOT

Answer 8

factors that are positive relative to competitors

Question 9

Weaknesses of SWOT

Answer 9

factors which are negative relative to competitors

Question 10

Opportunities of SWOT

Answer 10

factors in the external environment that can be beneficial to the organisation

Question 11

threats of SWOT

Answer 11

factors in the external environment that can be detrimental to the organisation