Theme 1 - Marketing and People

1.1 Meeting customer needs

1.1.1 The Market 

1.1.2 Market research

d) Use of ICT to support market research

1.1.3 Market Positioning

c) Competitive advantage of a product or service
e) Adding value to products/services

1.2 Market

 1.2.1 Demand

1.2.2 Supply

1.2.3 Markets

a) The interaction of supply and demand
b) The drawing and interpretation of supply and demand diagrams to show the causes and
                 consequences of price changes
c) Market equilibrium

1.2.4 Price elasticity of demand

c) The factors influencing price elasticity of demand
d) The significance of price elasticity of demand to businesses in terms implications for pricing              
e) Calculation and interpretation of the relationship between price elasticity of demand and total revenue

1.2.5. Income elasticity of demand

c) The factors influencing income elasticity of demand
d) The significance of income elasticity of demand to businesses

 1.3 Marketing mix and strategy

1.3.1 Product/service design

a) Design mix
b) Changes in the elements of the design mix to reflect social trends

1.3.2 Branding and promotion

a) Types of promotion
b) Types of branding
c) The benefits of strong branding
d) Ways to build a brand
e) Changes in branding and promotion to reflect social trends

1.3.3 Pricing Strategies

c) Changes in pricing to reflect social trends

1.3.4 Distribution

a) Distribution channels
b) Changes in distribution to reflect social trends

1.3.5 Marketing strategy

a) The product life cycle
b) Extension strategies
d) Marketing strategies appropriate for different types of market
e) Consumer behaviour – how businesses develop customer loyalty

1.4 Managing people

1.4.1 Approaches to staffing

1.4.2 Recruitment, selection and training

1.4.3 Organisational design

c) Impact of different organisational structures on business efficiency and motivation
d) Delayering

1.4.4 Motivation in theory and practice

b) Motivation theories
c) Financial incentives to improve employee performance
d) Non-financial techniques to improve employee performance
Team working
Flexible working
Job enrichment
Job rotation
Job enlargement

1.4.5 Leadership 

a) Leadership
The distinction between management and leadership
b) Types of leadership style
Autocratic
Paternalistic
Democratic
Laissez-faire

1.5 Entrepreneurs and leaders

1.5.1 Role of an entrepreneur

a) Creating and setting up a business
b) Running and expanding/developing a business
c) Innovation within a business (intrapreneurship)
d) Barriers to entrepreneurship
e) Anticipating risk and uncertainty in the business environment

1.5.2 Entrepreneurial motives and characteristics

a) Characteristics, motives and skills required
b) Reasons why people set up businesses
Financial motives: profit maximisation and profit satisficing
Non-financial motives: ethical stance, social entrepreneurship, independence and home working               

1.5.3 Business objectives

a) Survival
b) Profit maximisation
c) Other objectives 
Sales maximisation
Market share
Cost efficiency
Employee welfare
Customer satisfaction
          Social objectives            

1.5.4 Forms of business

Social enterprise
Lifestyle businesses
Online businesses
               d) Growth to PLC and stock market flotation

1.5.5 Business choices

a) Opportunity cost
b) Choices and potential trade-offs

1.5.6 Moving from entrepreneur to leader

a) The difficulties in developing from an entrepreneur to a leader

      

        

 

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