IGCSE Business 3.1 Role of marketing & market Changes

Which of these is a definition of marketing?

• The activity and process of creating, communicating and delivering offerings that have value for customers.

• The social process by which individuals and groups get what they want through creating and exchanging products and value with others.

• The management process responsible for identifying, anticipating and satisfying customer needs for profit.

• All 3 options

Which of these is a definition of marketing?

• The activity and process of creating, communicating and delivering offerings that have value for customers.

• The social process by which individuals and groups get what they want through creating and exchanging products and value with others.

• The management process responsible for identifying, anticipating and satisfying customer needs for profit.

• All 3 options

When a business focuses on customers needs and develops products/services to satisfy those needs. E.g Mcdonalds introducing salads and healthier meal options.

• Market Orientation

• Product Orientation

When a business designs a product and then uses marketing to convince customers to buy that product. E.g When LG brought out the first 4k TV

• Market Orientation

• Product Orientation

Building relationships with customers, communicating regularly and encouraging repeat purchases is when businesses are trying to achieve...

• Brand Loyalty

• Brand Awarweness

• Competitive advantage

• Digital Marketing

Marketing is an important part of creating willingness to pay for a product/service. A business wants to sell for much higher than it cost to make. This is called...

• Consumer Spending

• First mover advantage

• Unique Selling Point (USP)

• Adding Value

In order to achieve competitive advantage a business should identify a feature of either the product, image, price, promotion or distribution that is better than its competition. We call this...

• Consumer Spending

• First mover advantage

• Unique Selling Point (USP)

• Adding Value

Entering a new market before anyone else can potential double a products profitability. Apple dominates the tablet market. They created a great product and released it before any other competitor. They had anticipated a trend for tablet style computers. This is a classic example of...

• Consumer Spending

• First mover advantage

• Unique Selling Point (USP)

• Adding Value

Organize these options into the right categories

Groups:

(a) Unique Selling Point (USP)

,

(b) First Mover Advantage

• Amazon launching one-click online shopping before other retailers.

• Netflix pioneering the streaming subscription model before competitors.

• GoPro specializing in compact, rugged cameras for extreme sports.

• Dyson creating Cyclone technology for bagless vacuum cleaners.

• Apple’s ecosystem that seamlessly connects iPhones, MacBooks, and iPads.

• Tesla leading the electric car industry before major car brands followed.

• Coca-Cola’s secret formula giving it a distinct taste.

• Uber introducing app-based ride-hailing before traditional taxis adapted.

Organize these options into the right categories

Groups:

(a) Economy

,

(b) Technology

,

(c) Life Stage

• During a recession, consumers switch to budget supermarkets

• University students spend more on textbooks, laptops, and takeaways.

• The release of 5G encourages consumers to upgrade their smartphones.

• AI-powered home assistants become popular, increasing sales of smart home devices.

• Retirees prioritize travel and leisure activities.

• High inflation leads to reduced spending on non-essential items

• Streaming services gain more subscribers as traditional cable TV declines.

• In a boom boom, people dine out more frequently and spend on luxury goods.

• New parents buy baby essentials like prams, cribs, and diapers.