Unit 2 · Revision notes
Marketing — NCFE Business & Enterprise revision notes
Content area 2 covers the market, market research and the marketing mix. You need to understand target customers, the competitive environment and demand; primary research methods such as questionnaires, observation, focus groups and interviews; secondary sources; qualitative and quantitative data; mass and niche markets; and market-orientated versus product-orientated businesses. The marketing mix is examined through all four elements — price, place, promotion and product — including the product life cycle and extension strategies, product development and innovation, the Boston Matrix and branding.
Content area 2: Market research, market types and orientation and marketing mix
Aspects of the Market
A market is an industry made up of customers and competitors that a business wishes to operate in and target its products and services towards and compete…
~5 min readPrimary & Secondary Research
Market research is the act of a business researching its customers or competitors in order to understand the marketplace better. Primary research is research…
~3 min readData, Market and Orientation Types
2.2.3 Data types Quantitative (numerical) data — Information you can measure or reduce to a number. “How often do you go to the cinema a week?”. Qualitative…
~3 min readPrice
Marketing Mix The marketing mix is a combination of the 4Ps that a company uses to influence customers to purchase its goods or services. The 4Ps are…
~7 min readPlace
Place is one of the 4Ps of the marketing mix. Channels of Distribution Direct to Consumers/ E-commerce The manufacturer sells the products directly to the…
~5 min readPromotion: Methods
Promotion is one of the 4Ps of the marketing mix. There are 3 methods that a business may use to promote itself: Advertising Print media (for example…
~5 min readPromotion: Influential Factors and Promotional Objectives
Promotion is one of the 4Ps of the marketing mix. Factors that influence the promotional mix Target market - depending on the customers the product is aimed…
~5 min readProduct
Product is one of the 4Ps of the marketing mix. Products are either goods or services that customers buy to meet their needs. Tangible & Intangible Products…
~3 min readProduct Lifecycle & Extension Strategies
Product is one of the 4Ps of the marketing mix. The product lifecycle is the idea that products go through different levels of sales from their introduction…
~3 min readProduct Development and Innovation
Product is one of the 4Ps of the marketing mix. Innovation is the idea of creating something new. Creating an innovative product means something new that…
~4 min readBoston Matrix
Product is one of the 4Ps of the marketing mix. The Boston Matrix allows a business to measure its products against its competition using market share and…
~3 min readBranding
Branding is the identity of a business. It is reflected in everything the business does from the business logo, and colour scheme right down to the customer…
~1 min readThe rest of the course
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