100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
BTEC Business Unit 2: Rationale Key Terms 2024/2025 already graded A+ $9.99   Add to cart

Exam (elaborations)

BTEC Business Unit 2: Rationale Key Terms 2024/2025 already graded A+

 12 views  0 purchase
  • Course
  • Campaign
  • Institution
  • Campaign

BTEC Business Unit 2: Rationale Key Terms 2024/2025 already graded A+

Preview 1 out of 4  pages

  • January 3, 2024
  • 4
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:
  • Campaign
  • Campaign
avatar-seller
Ashley96
BTEC Business Unit 2: Rationale Key
Terms

Marketing Rationale - ANSThe reasons that cause a particular set of marketing actions

Marketing - ANSThe business activity that involves finding out what customers want, using that
information to design products and services, and selling them effectively.

Product life cycle - ANSThe stages of a product sales over time i.e. research and development,
introduction, growth, maturity and decline.

Introduction Stage - ANSThe first stage when a product is launched and sales are rising but not
sufficient to cover the associated costs.

Growth Stage - ANSThe second stage when the amount of sales is rising more quickly and the
marketing has led to faster sales levels. Revenues are higher at this stage and marketing costs
may be lower.

Maturity Stage - ANSThe rate of sales growth is flattening out and peaks at saturation levels i.e.
when the market needs have been met.

Decline Stage - ANSThe level of sales is falling and demand is dropping as the product has
peaked and consumers look for new and improved versions of the product.

Extension strategies - ANSThese are strategies designed to extend the life of the product by
enhancements, new versions, packaging or rebranding/repositioning.

Impact of stage on PRICE - ANSPricing strategies will need to adapt to changing demand
levels. For example during decline the price may need to fall.

Impact of stage on PROMOTION - ANSSpending on Promotion is highest in the launch and
product introduction phase.

Impact of stage on PRODUCT - ANSEnhancements and new versions will be more likely at the
decline/ end of life stage of the life cycle.

Market - ANSThe customer/consumer groups that the product/service is aimed at.

Marketing campaign - ANSMarketing plan including a series of strategies and events including a
plan for resources and a budget.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Ashley96. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

73918 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.99
  • (0)
  Add to cart