BTEC Business Unit 2: Marketing - Learning Aim A Questions With 100% Correct Answers.

Marketing - Answer-promoting a business and what it offers/process of teaching consumers why they should choose product/service of competitors/linked to sales with the intention that a successful marketing campaign will pay dividends Anticipating demand - Answer-looking at latest trends to anticipate demand on sales. Recognising demand - Answer-keeping up to date with competitors and recognising demand for products/services and trends in consumer behaviour Stimulating demand - Answer-finding different ways to promote the brand e.g online advertising,happy hour ,BOGOFs, offering vouchers for product lines from poor sellers. Satisfying demand - Answer-ensuring stocks/ capacity can deliver a service that is sufficiently available to meet any demand generated making sure there is enough stock to cover items for the holidays. BOGOF - Answer-Stands for Buy One Get One Free Happy hour - Answer-selling products at reduced prices e,g to encourage customers to stay and eat when buying a cheaper drink. marketing aims and objectives - Answer-these consist of: understanding customer wants and needs,developing new products,improving profitability by reducing costs, increase market share,diversification, increasing brand awareness and loyalty market leadership - Answer-the position of a business with the largest market share in a given market for goods and services scattergun approach - Answer-identifying purpose of products/services to establish a target marketproduct segmentation - Answer-determined by: age,gender and ethnicity and findings are presented in a piechart brand personality - Answer-This can have a major impact of what the customer buys especially if it has a brand personality e.g sophistication and professional look of certain brands including: L'Oreal brand image - Answer-This can stick in a customer's mind helping to link to products with a particular supplier/manufacturer e.g "beanz,meanz,heinz" - most successful advert campaigns ever. strong brand can portray an image which can bring success. Once a brand becomes more successful, it can help the business to enter new markets or sell into existing markets with less risk of failure. if customer is satisfied will purchase again Different methods to market services/products - Answer-these methods consist of: social media,word of mouth,email,billboard signs,pens,posters etc. The future of marketing,mobile marketing and the impact of social media - Answer-social media has had a positive impact --> more ways of making advertising cheaper, done digitally, aiming to target a specific market (considering how valid/reliable to data is) Primary research - Answer-information/data taken from the original source/ asking directly e.g surveys Secondary research - Answer-information/data taken from a third party/ not directly asking source e.g reviews Quantitative data - Answer-(opposite of qualitative data) data that can be measured and counted e.g how many boys are in a class