Edexcel Business A Level Revision

Niche market - A smaller segment of a larger market where customers have specific needs and wants. Marketing mix - The set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps - price, product, place and, promotion - make up a typical marketing mix. The marketing mix needs to be applied effectively to global niche markets in order to be of use to the business. A business will have to invest in each element of the marketing mix numerous times in order to meet the requirements of the variety of consumers that they are targeting. This will require expertise and insight into these specific markets. PRODUCT Product will be the most important factor. The quality must be extremely high in order to target wealthier individuals on a global basis. This means that businesses must undertake significant market research and R&D in order to meet customer requirements. PRICE Businesses will be able to charge high prices as they are tar...

Ansoff Matrix - The Ansoff matrix is a famous strategic marketing planning tool that helps a business determine its product and market growth strategy. It suggests that a business's attempts to grow depends on whether it markets new or existing products in new or existing markets. MARKET PENETRATION A business might wish to pursue a strategy of market penetration targeting the same customer base in its current global markets.  To do this it will look at its EPG (Ethnocentric, Polycentric and Geocentric) marketing approach and decide where and how to invest. This will be dependent on the forecast return on investment from each market that it already operates in. It will look to see if it should continue its current approach e.g. ethnocentric or adapt it to meet the changing requirements of the marker e.g. to one of geocentricity.  MARKET DEVELOPMENT Global businesses will always be looking to pursue a strategy of new market development. As markets grow and disposable...

Marketing mix - The set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps - price, product, place and, promotion - make up a typical marketing mix.  The marketing mix needs to be applied carefully in order to meet the requirements of customers in all markets, which is a challenge for a business. Ideally, a business would want to market the same product, at the same price, using the same promotional techniques and distribute and sell through the same outlets. However, this might have to be changed to cater for the different needs of national markets. PRODUCT A firm will need to consider whether a standardised product can be sold on all global markets. Then it can build up an associated product range. This might be easier for a technological business as opposed to a food business. PRICE Price strategies that have worked in other economies such as western markets are unlikely to be successful in emerging and undeveloped ...