Unit 2: AIM A :Developing A Marketing Campaign

Question 1

What is Marketing

Answer 1

Marketing is a fundamental strategy of any business to provide the needs and wants of customers, which allows us to compete with other business rivals

Question 2

The Role of Marketing

Answer 2

-Without marketing customers will not be aware of the product or service a business offers
- Marketing aims to spread the word to the potential customers and turn them into potential customers

Question 3

Principles and Purpose of Marketing
List Me 5

Answer 3

• Identifying Needs
• Promoting Products or Service or contributing brand development
• Pricing of the brand
• Promoting the brand by various means
• Distributing the brand in the right locations

Question 4

List me 4 Principles and Purpose of Business

Answer 4

1. Anticipating Demand
2. Recognizing Demand
3. Stimulating Demand
4. Satisfying Demand

Question 5

What is Anticipating Demand and Give me one example

Answer 5

Marketing aims to work out what customers might want in the future therefore Market Research is used to ask customers questions about products and services.

One Example: Farmers will need to anticipate the demands for salad during hot weather or a demand for Christmas

• Forecasting Sales
• Identifying needs
• do Primary and secondary research

Question 6

What is Recognizing Demand and Give me one example

Answer 6

Market Research can help identify customers needs and wants that are not being meet now and a sort of product or service that might fulfil these needs and wants

One Example: Nike keeps up to date with what companies are selling in one way to recognize demand of the products and trends in customer behaviours

• Identifying the gap in the market
• Forecasting marketing Sales
  -Understanding customer marketing and needs

Question 7

What is Stimulating Demand and Give me one example

Answer 7

Business often use advertising and social media to persuade customers that they really want or need a product or service

For Example: Advertising on Bill boards, newspaper or online

• Informing Existing and potential Customers
• Generating interest
• Developing brand recognition

Question 8

What is Satisfying Demand and Give me an Example

Answer 8

Business carry out market research to find out what customers think of their products and services so they can adopt and improve them

For Example: Making sure there is enough stock to cover popular toys leading up to Christmas

Question 9

What are the 6 different marketing aims and objectives?

Answer 9

1. Understanding Customer Wants and Needs
2. Developing New Products
3. Improving Profitability by reducing costs
4. Increasing Market Share
5. Diversification
6. Increased Brand awareness and Loyalty

Question 10

What is an objective?

Answer 10

A simple, short-term goal

Question 11

What is an aim?

Answer 11

A more complicated, longer-term goal.

Question 12

Why is it essential to understand customer wants and needs?
Example

Answer 12

Understanding customer behaviour enables a business to operate and develop to serve its customers.

For Example: Customers may think they want but in fact needs something different so lets say a customer may want to buy a tablet when they might just need a laptop. The one doing Marketing will need to differentiate between the needs and wants in order to promote their products effectively

Question 13

Why is it essential to Develop new Products?
Example

Answer 13

When customers needs and demands are identified . The business may find that a new product or service is required. Being the first to offer a product or service can mean massive sales and profit.
For Example: Walkers Crisps may generate different flavours for customers
PLAYSTAION, the business may develop new games and accessories

Question 14

Why is Improving Profitability by reducing costs essential?
Example

Answer 14

To Improve Profitability = More sales can mean more profit.
Marketing should be done to improve profit because greater profits can be made by setting the selling price much higher than the cost of making the products or delivering the service.
Therefore, Marketing should be done as it helps to convince customers that a higher price means a better quality product.

Question 15

Why is Increasing Market share essential?
Example

Answer 15

All businesses have competitors and must fight for their share of the sales as business strive to become market leaders and starts achieve this by increasing their market share. Market share can be measured by the volume of good and the value of goods

For Example: In early 2015 Tesco was reported as having the greatest market share in the UK therefore market leadership is the position of a business with the largest market share in a given market with successful brand image

Question 16

Why is Diversification essential?
Example

Answer 16

• A business does not want to rely on sales of one product in one market. Demand could fall; competitors might take their market share.
• Offering different products and services in different markets is a good way to make sure that the business survives and continues to grow.

For Example: a hybrid version of a tablet

Question 17

Why Increased Brand Awareness and loyalty essential?
Example

Answer 17

-Brand loyalty is a measure of how likely a customer is to buy a brand compared to competing brands.
- Successful raising of brand awareness can increases sales because customers will constant seeking of purchasing an item
- Loyalty means the number of sales

Question 18

2 Types of Markets

Answer 18

Mass and Niche

Question 19

What is a Mass? Example

Answer 19

Mass Market means they cover different age groups
for example: Milk, sunglasses or cars

Question 20

What is Niche? Example

Answer 20

Niche markets are smaller segments of the market. Consumers want something different from the mainstream and are not attracted to mass market products.
For Example: Jewish Community prefers kosher and Muslim community prefers Halal which represents the local demographic

Question 21

Market Segmentation

Answer 21

Its a Marketing Strategy where business split the market for a product or service into different parts or segments

Question 22

What are 4 Examples of Marketing Segmentation

Answer 22

1. Demographic
2. Age
3. Income
4. Behavioural

Question 23

What is Demographic Segmentation?
Example

Answer 23

Identifies subgroups of the population based on their demographic profile or characteristics
They Include:
- Age
- Gender
- Level of Education
- Race
- Religion

Question 24

What is Age Segmentation?
example

Answer 24

Marketers use age-based segmentation to target different age groups and their distinct needs and preferences. Different age groups,

For example: Infants, Young Adults, Adults and Old people

Question 25

What is Income Segmentation?
Example

Answer 25

Income segmentation considers how much people earn and how much disposable income. they have. This is extremely important for certain products.

For example, a business selling high-end luxury cars or expensive jewellery would need to target people with a high level of income.

Question 26

What is Behavioural Segmentation?
Example

Answer 26

Behavioural segmentation is a type of marketing strategy that filters and groups potential customers based on shared behavioural patterns. This strategy can offer valuable insights and help organizations develop effective ways to increase customer engagement, satisfaction and sales

Question 27

What are the different aspects of branding?
Example

Answer 27

1) Brand personality
2) Brand Image
3) Unique Selling Point (USP)
4) Implications of business size on marketing Activity
5) Specialist staff
6) Budgetary Constrains

Question 28

What is Branding?

Answer 28

Involves giving a product or service a recognisable identity. A brand will have is own colours, packaging and style.

Question 29

What is Branding Personality
Example

Answer 29

The brand personality and image needs to be attractive to the target market. It must be relevant to them and reflects their own preferences, needs and wants.
For Example: Nike, Adidas and Dior

Question 30

What is Brand Image?
Example

Answer 30

A strong brand image can stick into customers mind and helps link to products with a particular supplier or manufacture which makes it a strong brand image.

For example: Dolce & Gabbana or Ralph Lauren

Question 31

What is Unique Selling Point?

Answer 31

There should be something special about the product or service that sets it apart from the competition. This should give it the edge when consumers are thinking about making a purchase.
For Example: Air India promoted their first business class flat beds and in First Class cabins and the giant A380 which announced their personal shower facilities

Question 32

What is Implications of business size on marketing activity?
Example:

Answer 32

There are many implications for marketing that are influenced by business size such as:
1. Product development to meet customers needs
2. Eliminations of products and service which no longer meets the requirement of customers needs
3. Marketing Methods For promoting branding which are cost effective

Question 33

Why is Budgetary Constrains essential ?
Example:

Answer 33

All Marketing should be based on a budget to ensure that business do not overspend and they can justify their expenditure based on their sales
For example: Coke Cola may afford to spend money on advertising on bill-bords or multi media where as a local sandwich shop may use to advertise via local newspaper

Question 34

What is Availability of specialist Staff and Why is it essential and give me examples:

Answer 34

If a business does not have a specialist staff in the house to successfully market their brand, then they might need to source external support from specialist from specialist.

Question 35

What are the two Influences on marketing activity?

Answer 35

Internal Influence and External Influence

Question 36

What are the 4 Internal Influences?

Answer 36

1. Cost Of Campaign
2. Availability Of Finance
3. Staff Expertise
4. Size and Culture of the business

Question 37

What are the 6 External Influences

Answer 37

1.Social Factors
2. Technological Factors
3. Economics Factors
4. Environmental Factors
5. Political Factors
6. Legal Factors affect Marketing Activities
7. Ethical Factors

Question 38

What is Cost of Campaign?
Example:

Answer 38

The business decides how much money to spend on the campaign, but the cost should make sense for the size of the project.
So Business needs to make sufficient cuts if they try to overspend

For Example: If you’re running a small local ad for your neighbourhood, spending $10,000 might be too much, but $500 could be more reasonable.

Question 39

What is Availability?
Example:

Answer 39

Different businesses manage their money in different ways. If the business is short on cash, it might not be able to afford marketing activities.

Example: If a business is struggling to pay its employees or rent, it might have to delay a big marketing campaign until they have more money available

Question 40

What is Staff Expertise ?
Example:

Answer 40

The people working for the business may not have the skills needed to run the campaign.

Example: If you’re a small bakery and want to create a big online ad campaign, your staff might not know how to do that. You might have to hire a digital marketing expert.

Question 41

What is Size & Culture?
Example:

Answer 41

The size and culture of the business affect how it handles marketing.

Example: A large company with thousands of employees might run global campaigns with a formal, structured approach. A small startup might use informal, creative ways to market their products.

Question 42

Name me the External Influences…

Answer 42

1.Social Factors
2. Technological Factors
3. Economics Factors
4. Environmental Factors
5. Political Factors
6. Legal Factors affect Marketing Activities
7. Ethical Factors

Question 43

What is Social Factors?
Example:

Answer 43

Social trends, behaviours, and events affect when and how much consumers want a product.

Example: If a company makes summer clothes but it rains a lot during the summer, fewer people will buy those clothes, which changes the demand.

Question 44

What are Technological factors?
Example:

Answer 44

Technology impacts how businesses market their products and how fast they can do it. This can be good or bad.

Example: With social media, businesses can advertise instantly and reach millions, but they also need to keep up with fast-changing technology like AI marketing tools.

Question 45

What are Economics Factors?
Example:

Answer 45

The health of the economy affects how businesses do marketing. If the economy is bad, people might spend less, and businesses need to adjust their marketing strategies.

Example: During a recession, a company may focus on cheaper products in their ads because people are trying to save money.

Question 46

What are Environmental Factors?
Example:

Answer 46

Environmental issues or policies affect how businesses operate and market their products.

Example: If a company markets itself as eco-friendly, it must follow green practices like reducing plastic packaging to appeal to environmentally conscious customers.

Question 47

What Are Political Factors?
Example:

Answer 47

Government laws and decisions can either limit or help marketing activities.

Example: A new law that bans certain ads for junk food might limit how a fast-food company can advertise. On the other hand, government programs supporting small businesses could help a company promote itself more easily.

Question 48

What are Legal Factors affect Marketing Activities?
Example:

Answer 48

Different countries or markets have their own laws, which businesses must follow when marketing their products.

Example: In one country, there might be strict rules about advertising to children, while in another, the laws may be more relaxed.

Question 49

What are Ethical Factors?
Example:

Answer 49

Businesses must consider what is morally right, based on the values of the business and its customers.

Example: A company that markets products using honest messaging without misleading consumers follows ethical standards, while one that exaggerates claims may lose trust.

Question 50

REVIEW AGAIN

Answer 50

Ok