BTEC Business Level 3 - Unit 2 Questions And Answers Rated A+ New Update Assured Satisfaction

What are the roles of marketing? - Answer-1. to make customers aware of the products or services provided 2. to build brand awareness and trust to increase market share 3. to make customers pay more for the same product Examples of marketing? - Answer-Social media, TV adverts, leaflets What are the principles and purposes of marketing? - Answer-to generate customer satisfaction by: - identifying needs - promoting products or contributing to brand development - pricing of the brand - promoting the brand by various means - distributing the brand in the right locations What is anticipating demand? - Answer-to estimate and anticipate demand, its important to look at: - the impact of past marketing campaigns - results of market research - demand for previous products - demand for competitors products - impact of competitors marketing campaigns What is recognising demand? - Answer-If a marketing campaign is successful (demand increased), the business must try its best to meet rising demand. Recognising demand will allow new customers expectations to be met, which leads to long term brand loyalty and an increase brand awareness and recognition. What is stimulating demand? - Answer-stimulating demand can be achieved by: - reducing the products price at launch - exclusively distribute the product to a particular store - only release a limited quantity of the productWhat is satisfying demand? - Answer-When consumer demand increases, it's important for businesses to satisfy this to ensure it can maximise the potential profit. Marketing aims and objectives: Understanding customer wants and needs - Answer-If businesses understand the wants and needs, they can use this to increase customer loyalty, and attract new customers through positive work of mouth. - look at the business from customers point of view - collect and analyse data on customer buying behaviour within their industry. - conduct primary research to ask customers directly what they think.