Business > EXAM > 2021 BTEC BUSINESS LEVEL 3 - Developing a Marketing Campaign, 6 pages Notes - Distinction level - Te (All)

2021 BTEC BUSINESS LEVEL 3 - Developing a Marketing Campaign, 6 pages Notes - Distinction level - Template notes

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Anticipate Demand - -Working out what customers will want in the future - perhaps by carrying out market research -Recognise Demand - -Identifying current customer wants and needs - perhaps by obse... rving competitors, market research or market reports about trends / fashions -Satisfy Demand - -Meeting customer needs - making sure that there are sufficient stocks of products available for customers to buy. Research might be used to find out what customers would like to see changed / improved. -Stimulate Demand - -This is about trying to persuade customers to buy using advertising and social media -Aim - -Long term goal a business would like to achieve -Objective - -Shorter term goal that will help a business achieve what they want in the future -SMART - -Specific, measurable, achievable, realistic and time-related -EXAMPLES of marketing objectives - -1. Improve profitability 2. Develop new products 3. Increase market share 4. Diversification 5. Increase brand awareness / loyalty -Market share - -The proportion of total sales within a market that go to one specific firm -Diversification - -Expanding the range of products or services offered to customers in an attempt to spread risk -Premium Product - -A product which the customer deems to have greater value or quality, for which they are prepared to pay a higher price -Brand - -A product or service which has a recognisable name and packaging -Brand loyalty - -A measure of how likely a customer is to buy a particular brand of product -Mass market - -A product or service that is aimed at everybody regardless of their age, gender, income or lifestyle. For example, Cadbury's chocolate [Show More]

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