Students will explore how each element of the marketing mix is managed and used to inform and make business decisions in a competitive marketplace.
Students will sit an EOU Assessment based on exam questions. The areas assessed will be: - Marketing mix and it's application to varies case studies. Practice will develop AO2 and AO3 marks
How things appeal to the senses; do they look great, smell good, feel nice, sound solid (the 'ker-lunk' of a BMW door shutting) and taste great?
Making the product cheaply enough to make it profitable.
An attempt to prolong sales of a product for the medium to long term, to prevent it from entering its decline stage.
How well the product or service works for the customer; for example, are the beds comfortable at a hotel; does the smartphone take sharp photos?
The theory that every product goes through the same four stages of introductions, growth, maturity and decline.
Profit as a percentage of the selling price (one unit) or as a percentage of total sales revenue (for the business as a whole).
Giving your product or service a name that helps recall and recognition, and gives a sense of personality.
Regular updates on the activities of a business sent electronically to actual or potential customers.
A medium to long term plan for communicating with your target customers.
When companies pay to have a brand associated with an iconic individual or event (usually connected with sports or the arts).
When young people start to spread your message for you through social means, be it word of mouth or via social media.
How ownership changes as a product goes from producer to consumer.
An electronic retailer; in other words purchasing electronically, either by e-commerce or, more likely these days, mobile commerce (M-commerce).
A shop or chain of shops, usually selling from a building in a high street or shopping centre.
A ceiling on the amount of money that can be spent; a marketing budget of 1 million means the marketing manager can spend up to that figure, but no more.
Evidence that can be used to make a better decision; a company can gain a better understanding of its customers through the 4Ps which helps in decision making.
The student will learn the various legal requirements for a business and balancing various objective to ensure they meet customer needs and the business goals.
Through discussion, studying real life case studies they will build strong analytical and evaluation skills.
This topic focuses on meeting customer needs through the design, supply, quality and sales decisions a business makes
An end of unit assessment will be carried out using a case study to allow the student to practice their evaluation and analysis skills in relation to how design, supply, quality can effect sales.
Designed and made for an individual customer
Using machinery or robotics to do jobs instead of using people to do them
The proportion of revenue left over after costs have been deducted
A situation where average costs (of production, distribution and sales, for example) falls as business increases the amount of product that it produces, distributes and sells
Time when a person or machine is not producing anything
When every example of a product is exactly the same as the others
How much it costs to make each product or service, taking into consideration all of the variables cost
Variable costs Costs paid by a business that change depending on how many products or services the business sells
The organisation and management within a business of the transport of raw materials and goods
An advantage a business has over its rivals that is unique and sustainable
The student will gain confidence in the application of knowledge to analyse, evaluate and make suggestion on which option they feel will optimise a businesses customer satisfaction, revenue or profit.
The student will gain confidence in supporting their views and improve their decision making skills through group work and class discussion.
Growing a business means that decisions relating to organisational structure, recruitment, training and motivation need to be made to influence business activity. These aspects are considered in this final topic - remote teaching
An end of unit assessment will be carried out using a case study to allow the student to practice how manage people. They will have to apply the theories that thye have learnt during the term - remote teaching
The direct costs of purchasing raw materials and manufacturing finished products
A measure of profitability calculated as a percentage of revenue
The general increase in prices over time
A quantity used in calculation or some measurable piece of information
Relating to the structure of a population
Concerning the quality of something that cannot be measured in numbers
Students will learn what motivates or demotivated people in business. they will develop skills in how to analyse and suggest the best method to make a business function effectively - remote teaching
Through role play and group work they will gain first hand experience in what makes people happy and love their work. Also they will see how small changes can motivate or demotivate workers - remote teaching
Growing a business means that decisions relating to organisational structure, recruitment, training and motivation need to be made to influence business activity. These aspects are considered in this final topic- remote teaching
An end of unit assessment will be carried out using a case study to allow the student to practice how manage people. They will have to apply the theories that they have learnt during the term - remote assessment
In an organisational structure, this means the levels of job roles in the business, from the highest-paid directors to the most junior members of staff
The number of employees that are managed by a manager. If a person manages three employees, their span of control is three
Being responsible for something and being held responsible for it and its outcomes. For examples, a manager is often accountable for the actions of their staff
Technical or obscure words or terms used by a particular group of people that may not be understood by everyone
Someone who is self-employed and contracted by businesses to work for them
The measurement of how much work a business is able to complete. Higher levels of productivity mean that employees are completing more work
The laws that a business must comply with
Reasons for behaving in a particular way. In business, motivation usually refers to the reasons that an employee has for working well and increasing their productivity
Independence or freedom to make your own decisions
The sense of achievement or fulfilment that an employee gets from their job
Students will learn what motivates or demotivated people in business. They will develop skills in how to analyse and suggest the best method to make a business function effectively - remotely
Through role play and group work remotely they will gain first hand experience in what makes people happy and love their work. Also they will see how small changes can motivate or demotivate workers.
Examination takes place
External examination takes place through May and June
Setting out what you want to say
the explanation of the point
the consequence of the point made
What will be the outcome of the consequence
What will be the likely impact of that consequence