IGCSE Marketing

How can businesses respond to changing spending patterns and increased competition

• maintain good customer relationships

• improve existing products

• increase prices

• bring out new products

The advantages of selling to a mass market are:

• Total sales in these markets are very high

• Total sales in these markets are very low

• Opportunities for growth of the business due to large potential sales

• high levels of competition

Ways of segmenting a market include:

Name 3 methods of primary research

Evaluate responses using AI:

OFF

Answer explanation

Primary research is the collection & collation of original data via direct contact with potential or existing customers.

- questionnaire

- survey

- interview

- focus group

what are the 4 Ps of the marketing mix

• Product

  Price

  Package

  Promotion

• Product

  Price

  Place

  Personalization

• Product

  Price

  Place

  Promotion

• Product

  Prototype

  Price

  Promotion

What is brand loyalty?

• consumers keep buying the same brand again & again instead of choosing competitor's brands

• An image or identity given to a product which gives it a personality of its own.

• consumers buy different brands to try and find the brand that suits them best

• The unique name of a product that distinguishes it from other brands.

Name the stages of the product life cycle

Evaluate responses using AI:

OFF

Answer explanation

1. Development

2. Introduction

3. Growth

4. Maturity

5. Saturation

6. Decline

The total cost of making 1000 ice-creams is $2000. The business wants to add 30% profit on each ice-cream sale. Using cost-plus pricing, what is the selling price of each ice-cream?

• $26

• $2.60

• $0.60

• $2.30

Answer explanation

($2000/1000) + 30% markup = selling price

to calculate the 30%:

2000/1000 x 0.3 = 0.6

$0.6 profit on each unit

or

check by:

2000/1000 x 1.3 = $2.60

Different types of advertising. Advertising can be informative or .....

What is the role of marketing?

Evaluate responses using AI:

OFF

Answer explanation

The role of marketing is to identify and satisfy customer needs, maintaining customer loyalty and building customer relationships