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GCSE UNIT 1 & 2 REVISION MARKETING
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Aims & Objectives Understand key marketing terms
Explain how marketing can be used by a business to increase sales. To suggest and evaluate the use of specific marketing activities in given situations.
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MARKET RESEARCH What is the difference between ‘Product Orientated’ and ‘Market Orientated’? What is ‘Market Research’? What is the difference between Primary Research and Secondary Research? Give 4 examples of market research. How can Market Research help a business to increase its sales and its profits?
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PRODUCT What is a ‘Product Range’? How can a wide Product Range help a business? What is the difference between a product and a service? What is a ‘Product Mix’? How can a wide Product Mix help a business? What is a product USP? What is ‘Product Differentiation’ Why is ‘Packaging’ important to a product? Why is Quality important to a product? Why are guarantees important?
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PRODUCT LIFE-CYCLE A Product Life Cycle diagram shows the different stages of the life of a product. Some products have a short life-cycle e.g. a song download. Some products have a very long life-cycle e.g. HP Sauce, Kellogg's Cornflakes TASK: Define each stage of the product life cycle. Use an actual product to explain each of the different stages of the Product Life Cycle. How could a firm extend the life of a product in the decline phase?
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PRICE What is ‘Cost-Plus’ Pricing? What is ‘Competitor Pricing’?
What is ‘Price Skimming’? What is ‘Penetration Pricing’? For each of the above, give an example of when it should be used.
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PROMOTION Suggest 5 different promotion methods that would be suitable for a small firm with a limited budget. Give advantages & disadvantages of each. Suggest 5 strategies that could be used by a growing firm with a large marketing budget. Give advantages & disadvantages of each.
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PLACE This is about the way that products/services reach the customer.
Give advantages & disadvantages of Retail selling (in a shop) Give advantages & disadvantages of Mail Order. Give advantages & disadvantages of On-Line selling. Give advantages & disadvantages of operating in an international market.
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