Business Studies 1
18 th of
Value in Marketing
Creating value is critical for businesses to succeed. Gummerus (2013) notes that
building customer value may well be the most focused aim of marketers. A peak l
Business notes- The neo classical model
The neo classical economic model
.Centred around 3 basic assumptions based on the aim of the firm and the cost and demand
conditions facing it. The model is concerned by the short term.
-The assumption of profit max
Models of managerial discretion methods
. Criticisms of the profit making model- The main criticism is that its unrealistic to say that
the main aim of a firm is to maximise profits. As when firms have a degree of monopoly
power its true that shareholder
The financial world
. Some of the main objectives of a business are to:
. Achieve a target market share- this could be done to maximise sales, probability or combat
competition but can get out of hand.( see easy jet).
.keeping employee a
Porters five forces framework
. This model helps identify the attractiveness in terms of the five competitive forces: the
threat of entry, the threat of substitutes, the power of buyers, the power of suppliers and the
extent of rivalry between competitors
Pricing and Distribution
. Drawbacks of the equilibrium of supply and demand
. The model assumes customers know where to buy the cheapest products
.It also assumes that all suppliers produce identical products, this is rarely the case.
. It assume
Marketing communications and promotional tools
. Noise is the surrounding distraction that may un-intentionally distract a communication.
. Interference- is a deliberate attempt to distract communications.
. Redundancy- Is the way of sending a message thr
Market research and the global marketplace
. Market research is the process of collecting, analysing and presenting useful information
.Market research types include customer research- this is information about markets a
Business marketing notes
Marketing is the name given to the activities which occur at the interface between
customers and the organisations.
. Marketing is entirely customer related, in highly competitive markets failure to Take
the customers needs into
. A product is described as being a bundle of benefits. It has primary characteristics which
are the core benefits that the product shares with competitors. There are auxiliary
characteristics which are the characteristics that differentiates the
Business Studies 1
10th of March 2014
The Impact of the European Union on British
For any organisation to be truly successful a well-structured and maintained
employment relations syst
Branding and Packaging
. Branding is the process of adding to the value of a product by use of its packaging, name,
position in the minds of consumers and promotion.
. Strategic considerations for brand naming
. Marketing objectives- the brand na