Btec Business Unit 2 - Developing a marketing campaign Questions and Answers 100% Correct

Rationale (Activity 1) - ANSWER-1) Discuss market information 2) Discuss the validity and reliability of your market research 3)Define what the marketing objectives are 4) PESTLE Analysis on business (External) 5) SWOT Analysis on business (Internal) 6) Justification and discuss initial ideas for the marketing plan 1) Discuss the market information - ANSWER-You could possibly use the 5C's Analysis. 5C's = Company, Customers, Competitors, Climate 5C's analysis ( more depth) - ANSWER-Company = Pick out important information about company (starlight classics), you could talk about strengths/weaknesses etc.. Customers= Discuss and analyse the most relevant information such as: Market size, Target market, Frequency of purchase, Fashion and trends, Customer needs and wants. Competitors= Discuss who the competitors are, what their market size is, their product ranges,Prices, distribution channels etc... Climate= This will be covered in the PESTLE Analysis (External factors). Use this method to make sure you are constantly analysing data in context of the case study - ANSWER-1) State your research. 2) Explain what it means. 3)Analyse how it could effect the businesses marketing activity (link to case study) Validity and Reliability (2) - ANSWER-After discussing your research you must evaluate the validity and reliability of the data you used. Marketing Objectives (3) - ANSWER-You should make up 3 marketing objectives = they need ti be S.M.A.R.T objectives. Once they have been decided, you should then justify them in the context of the case study, follow this; 1) Why the marketing objective is relevant and suitable for the business. 2)How achieving the objective would benefit the business. Situational Analysis - PESTLE (4) - ANSWER-Use the PESTLE analysis to briefly explain what the most significant factors are under each heading. P.S Be as specific as possible by giving details rather then vague descriptions of generic factors that are not specific. SWOT analysis - ANSWER-Analyse the information that you already have. S= you can find this from the case study W=Case study O=From market information T=From market information Final Step for activity 1 - Justification & Discuss initial ideas (5) - ANSWER-Draw conclusions and pull together all your initial ideas. Justification paragraph - Talk about the market information PESTLE Analysis SWOT Aanalysis Key challenges for how the business, how this might influence their success and how they might overcome it. Discussion of the key strengths and opportunities for the business and how this might influence their marketing activity and success. Summary of initial ideas for the marketing mix linking to research findings. Marketing plan overview - Activity 2 - ANSWER-This is just a brief summary of the marketing plan overview. 1) Target market 2) Marketing Mix = Product, Place, Price, Promotion 3)Extended marketing Mix