Marketing

Customers 

  • How businesses segment their customers in markets, e.g. age, class, gender, income. 
  • How target marketing is beneficial to businesses.  

 Market Research 

  • Different types of market research, i.e desk and field.  
  • The different methods of market research, eg sales records, internet websites, newspapers, questionnaires, interviews, focus groups.  
  •  Costs (disadvantages) and benefits (advantages) of market research (different types/methods).  

 The Marketing Mix 

  •  Definitions of product, price, place and promotion. 

 Marketing Mix – Product 

  •  Research and development required to create a product.  
  • Phases of a product life cycle – introduction, growth, maturity, decline.  
  • Purpose and development of brands, own brands.  
  • Advantages and disadvantages of branding.  
  • Advantages and disadvantages of packaging.  

 Marketing Mix – Price 

  •  Factors to consider when setting prices, eg competition, quality, image, production cost, profit per unit.  
  • Pricing strategies eg premium, competitive, and low.  

Marketing Mix – Place 

  • Factors to consider when choosing correct location, eg competition, availability of resources, costs, government incentives, transport links, using e-commerce.  
  • Advantages and disadvantages of different locations, including e-commerce. 
  • Methods of (physical) distribution, ie road, rail, air, and sea. 
  • Costs and benefits of the different methods of distribution.  

Marketing Mix – Promotion 

  • Promotional strategies, eg coupons, loyalty cards, competitions, special offers.  
  • Forms of advertising, eg broadcast media, print media, apps, SMS messaging.  
  • Advantages and disadvantages of different forms of advertising.  
  • How promotional strategies and advertising help promote a business.  
  • Ethical marketing, eg non-discriminatory, not misleading, not offensive.  

Technology in Marketing 

  • Using ICT to increase efficiency in the marketing department eg 
    • Websites
    • Social media 
    • Quick response (QR) codes 
    • E-mail 
    • Apps 
    • Database 
    • Desktop publisher 
    • Online surveys (questionnaires)