Edexcel Business A Level Revision

Branding - A promotional methods that involves the creation of an identity for the business that distinguishes that firm and it's products from other firms. Corporate branding - attaches a perception and promise to the goods and services associated with that brand e.g. quality, customer service, corporate culture. Branding can add value to a product allowing firms to charge higher prices. Ultimately leads to brand loyalty whereby customers will continue to buy products from that firm. Organisations spend enormous amounts of time and money branding their company and products. Brand recognition come in many forms including: • Celebrity endorsement • Font • Shape • Character • Colour • Jingle • Logo • Image • Slogan • Strapline Branding is traditional in business associated with giving a unique recognisable characteristic to a product or corporate image e.g. Toblerone's unique shape or Heinz's shade of green. Th...

Use of ICT is now now commonplace and essential market research The capabilities of modern business IT has transformed market research. It is now relatively easy to learn about consumer preferences and buying habits by mining massive sets of quantitative data. Data mining Data mining is an example of secondary research. It relies heavily on data that is already there. It's quicker automated and huge sets of data can be analysed which means it can reduce the need for sampling. Data can also be linked for example transactional data with customer profiles. Social media Social media data is a source of both primary and secondary research. Software can now quickly highlight what customers are saying about the product or brand through secondary research. Survivor not easy assess and analyse results in real time and there is also a wide range of powerful software applications to manage social media research and integrate with other business systems