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3.1.1 The role of marketing: 3.1.2 Market changes: 3.1.3 Concepts of niche marketing and mass marketing: 3.1.4 How and why market segmentation is undertaken: Definitions of marketing “The all-embracing function that links the business with customer needs and wants in order to get the right product to the right place at the right time”“The…
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3.4.1 Justify marketing strategies appropriate to a given situation: 3.4.2 The nature and impact of legal controls related to marketing: 3.4.3 The opportunities and problems of entering new foreign markets: Marketing strategy definition A plan of action designed to promote and sell a product or service. It is a way of combining the 4…
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3.3.1 Product: 3.3.2 Price: 3.3.3 Place – distribution channels: 3.3.4 Promotion: 3.3.5 Technology and the marketing mix: What is Marketing Mix? The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. There are 4Ps which make up marketing mix –…
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3.2.1 The role of market research and methods used: 3.2.2 Presentation and use of market research results: Market research “The action or activity of gathering information about consumers’ needs and preferences.” So we can say that Market research is carried out to identify current and future consumer needs and wants Accurate market research helps…
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2.4.1 Why effective communication is important and the methods used to achieve it: 2.4.2 Demonstrate an awareness of communication barriers: Effective business communication ensures clarity, unity, informed decisions, customer trust, conflict resolution, and streamlined operations, fostering productivity and positive relationships within and outside the organization Benefits: Face-to-Face Communication: Offers immediate feedback, builds trust, and…