178-Edexcel-GCEBus2a

178-Edexcel-GCEBus2a - Edexcel AS Business Studies Unit 2a...

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Edexcel AS Business Studies Unit 2a Managing the Business Specification Resource Map Key topics on the Edexcel Unit 2a Specification mapped to the tutor2u Business Studies Blog
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Section C © Edexcel Limited 2010 Edexcel GCE in Business Studies\Economics and Business 24 Unit 2a Managing the Business 2.3a Unit content 2.3.1a Marketing plan Students should be encouraged to identify an appropriate marketing mix for new or existing products or services. Content What students need to know Teacher guidance Marketing objectives and strategy Marketing objectives – based on market research, sales or proFt forecasts for the product or service idea. Strategy – niche or mass marketing, beneFts and limitations of these strategies. Students could refer back to their sales and proFt calculations in topic 1.3.6 to set marketing objectives for their business idea. They could apply the appropriate marketing strategy to their business idea. They may like to think how they could move from serving a niche market to serving a mass market. IdentiFcation of marketing mix (4Ps – Product, Price, Promotion, Place) IdentiFcation of a marketing mix which meets the needs of the market. Students could consider the marketing mix that they would offer for their business idea and how they might improve the marketing mix for a current product. Product life cycle and Boston Matrix, product extension strategies, branding, purpose of trademarks and patents. The implications for cash ±ow and marketing of the product should be considered in the light of its position in the product life cycle or Boston Matrix. Students could consider the position of different Cadbury products in their portfolio. How current social trends may affect the composition of the marketing mix: for example ethical trading, sourcing of sustainable materials, food miles labelling, reduction/recycling of packaging, environmental factors, online retailing, retailer purchasing power. Use current social trends to examine how they might affect the marketing mix for a company, for example use of organic ingredients or inclusion of details of the carbon footprint of the product on packaging. Price elasticity of demand Effect on businesses of price changes, implications for pricing strategies, effects on total revenue. Students should be able to calculate price elasticity of demand, interpret results of the calculation and consider what creates inelastic demand for products.
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Edexcel GCE in Business Studies\Economics and Business © Edexcel Limited 2010 Section C 25 Managing the Business
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This note was uploaded on 02/08/2012 for the course BUS 104 taught by Professor Johnson during the Spring '11 term at FIU.

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178-Edexcel-GCEBus2a - Edexcel AS Business Studies Unit 2a...

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