100% RATED CORRECT ANSWERS (ACCURATELY PASSED) 2025
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state 2 stakeholder needs of employees - (ANSWER)job security and competitive pay/benefits
state 2 stakeholder needs of customers - (ANSWER)value for money and after sales service
state 2 stakeholder needs of local community - (ANSWER)job creation and less pollution
state 2 stakeholder needs of suppliers - (ANSWER)regular orders and payment on time
stakeholder mapping - (ANSWER)identifies the approaches a business can take towards its
stakeholders based on their level of power over the business their interest in the business;
monitor (l-l), keep informed (h-i, l-p), keep satisified (h-p, l-i), manage closely (h-h)
list 3 reasons why businesses should consider stakeholder needs when making decisions -
(ANSWER)decisions are likely to be considered and implemented more easily, firm can gain
more favourable reputation from growing public interest, and productivity levels increase due to
a rise in employee motivation which can then increase competition
identify 2 stakeholders that needs overlap - (ANSWER)banks and shareholders
identify 2 different stakeholder needs that cause conflict - (ANSWER)shareholders and
employees
2 examples of industrial goods - (ANSWER)machinery and component parts
, 2 examples of consumer goods - (ANSWER)shopping goods (phones, clothes), convenience
goods (milk/bread, newspapers)
2 influences on integrated marketing mix - (ANSWER)target market and current stage of
product life cycle the product is in
2 influences on new product development - (ANSWER)actions of competitors and amount of
resources available
2 influences on choice of distribution channel - (ANSWER)the nature of product and customer
expectations in terms of being able to access/purchase product
2 influences on promotional mix - (ANSWER)promotional budget and developments in
technology
penetration pricing - (ANSWER)low prices are charged to gain market share quickly
price skimming - (ANSWER)high prices are charged when a product is launched in order to
gain a high profit margin
relationship marketing - (ANSWER)an approach that focuses on an organisation developing an
on-going and long lasting relationship with its customers
whats the product life cycle - (ANSWER)describes the different stages a product goes through
over time; r&d, introduction, growth maturity, and decline
whats the boston matrix - (ANSWER)it positions products in relation to how fast the market is
growing and the market share of the product compared with the largest competitor; dogs (l-l), ?
(h-g, l-s), cash cows (h-s, l-g), and stars (h-h)