-
Want to take part in this year's BoS Trials event for Maths and/or Business Studies? Click here for details and register now! -
YOU can help the next generation of students in the community! Share your trial papers and notes on our Notes & Resources page
exam tmrw too late? (1 Viewer)
- Thread starter astroman
- Start date
Well its Business so just go over the entire marketing today - role and cutting corners where you can. Rote should take ~10-12 hours
MrInoeverthin
Well-Known Member
Astro, you got this man! Just bloody read over some of the main points of the topic, and you should be fine. I don't know how business works though, with studying, so gl and hf!
RivalryofTroll
Sleep Deprived Entity
- Joined
- Feb 10, 2011
- Messages
- 3,805
- Gender
- Male
- HSC
- 2013
- Uni Grad
- 2019
Well in terms of each syllabus section...
Role of Marketing
• production, selling, marketing approaches
• types of markets – resource, industrial, intermediate, consumer, mass, niche
They might give you a scenario and be like, what is the approach in this scenario?
a) Production approach
b) Selling approach
c) Marketing approach
d) [Insert random approach that doesn't exist]
They might give you a scenario and be like, what market is this business operating in?
Influences on Marketing
• factors influencing customer choice – psychological, sociocultural, economic, government
• consumer laws
– deceptive and misleading advertising
– price discrimination
– implied conditions
– warranties
• ethical – truth, accuracy and good taste in advertising, products that may damage health, engaging in fair competition, sugging
For factors influencing customer choice, don't be surprised if they just simply gave you a scenario and ask which factor is affecting the customer in that scenario.
a) Psychological
b) Sociocultural
c) Economic
d) Government
Same with consumer laws. They give you a scenario of a business activity and ask what is this an example of?
a) Deceptive and misleading advertising
b) Price discrimination
c) Implied conditions
d) Warranties
Obviously they can add some ''made-up'' or ''trick'' options that have no relevance to the syllabus.
Marketing Process
• situational analysis – SWOT, product life cycle
• market research
• establishing market objectives
• identifying target markets
• developing marketing strategies
• implementation, monitoring and controlling – developing a financial forecast; comparing actual and planned results, revising the marketing strategy
For SWOT - they might you give a factor and be like is this a:
a) Strength
b) Weakness
c) Opportunity
d) Threat
For PLC, they might give you a situation about a product and ask is this product in its:
a) Introduction
b) Growth
c) Maturity
d) Decline
Marketing strategies
• market segmentation, product/service differentiation and positioning
• products – goods and/or services
– branding
– packaging
• price including pricing methods – cost, market, competition-based
– pricing strategies – skimming, penetration, loss leaders, price points
– price and quality interaction
• promotion
– elements of the promotion mix – advertising, personal selling and relationship marketing, sales promotions, publicity and public relations
– the communication process – opinion leaders, word of mouth
• place/distribution
– distribution channels
– channel choice – intensive, selective, exclusive
– physical distribution issues – transport, warehousing, inventory
• people, processes and physical evidence
• e-marketing
• global marketing
– global branding
– standardisation
– customisation
– global pricing
– competitive positioning
They may ask you what type of segmentation is being used in a certain scenario.
a) Demographic segmentation
b) Geographic segmentation
c) Psychographic segmentation
d) Behavioural segmentation
They may ask what price method is being used by a business in a hypothetical situation:
a) Cost-based
b) Market-based
c) Competition-based
d) [Insert one that doesn't exist in the syllabus]
What pricing strategy is being used by business XYZ in this situation?
a) Skimming
b) Penetration
c) Loss leader
d) Price points
What element of the promotion mix is being used by business XYZ in this situation?
a) Advertising
b) Personal selling
c) Publicity
d) Sales promotion
What distribution channel choice is being used by business XYZ in this situation?
a) Intensive distribution
b) Selective distribution
c) Exclusive distribution
d) Marketing distribution (hint - doesn't exist)
In short, if you know your definitions and understand the different influences, processes and strategies - you'll be fine.
Role of Marketing
• production, selling, marketing approaches
• types of markets – resource, industrial, intermediate, consumer, mass, niche
They might give you a scenario and be like, what is the approach in this scenario?
a) Production approach
b) Selling approach
c) Marketing approach
d) [Insert random approach that doesn't exist]
They might give you a scenario and be like, what market is this business operating in?
Influences on Marketing
• factors influencing customer choice – psychological, sociocultural, economic, government
• consumer laws
– deceptive and misleading advertising
– price discrimination
– implied conditions
– warranties
• ethical – truth, accuracy and good taste in advertising, products that may damage health, engaging in fair competition, sugging
For factors influencing customer choice, don't be surprised if they just simply gave you a scenario and ask which factor is affecting the customer in that scenario.
a) Psychological
b) Sociocultural
c) Economic
d) Government
Same with consumer laws. They give you a scenario of a business activity and ask what is this an example of?
a) Deceptive and misleading advertising
b) Price discrimination
c) Implied conditions
d) Warranties
Obviously they can add some ''made-up'' or ''trick'' options that have no relevance to the syllabus.
Marketing Process
• situational analysis – SWOT, product life cycle
• market research
• establishing market objectives
• identifying target markets
• developing marketing strategies
• implementation, monitoring and controlling – developing a financial forecast; comparing actual and planned results, revising the marketing strategy
For SWOT - they might you give a factor and be like is this a:
a) Strength
b) Weakness
c) Opportunity
d) Threat
For PLC, they might give you a situation about a product and ask is this product in its:
a) Introduction
b) Growth
c) Maturity
d) Decline
Marketing strategies
• market segmentation, product/service differentiation and positioning
• products – goods and/or services
– branding
– packaging
• price including pricing methods – cost, market, competition-based
– pricing strategies – skimming, penetration, loss leaders, price points
– price and quality interaction
• promotion
– elements of the promotion mix – advertising, personal selling and relationship marketing, sales promotions, publicity and public relations
– the communication process – opinion leaders, word of mouth
• place/distribution
– distribution channels
– channel choice – intensive, selective, exclusive
– physical distribution issues – transport, warehousing, inventory
• people, processes and physical evidence
• e-marketing
• global marketing
– global branding
– standardisation
– customisation
– global pricing
– competitive positioning
They may ask you what type of segmentation is being used in a certain scenario.
a) Demographic segmentation
b) Geographic segmentation
c) Psychographic segmentation
d) Behavioural segmentation
They may ask what price method is being used by a business in a hypothetical situation:
a) Cost-based
b) Market-based
c) Competition-based
d) [Insert one that doesn't exist in the syllabus]
What pricing strategy is being used by business XYZ in this situation?
a) Skimming
b) Penetration
c) Loss leader
d) Price points
What element of the promotion mix is being used by business XYZ in this situation?
a) Advertising
b) Personal selling
c) Publicity
d) Sales promotion
What distribution channel choice is being used by business XYZ in this situation?
a) Intensive distribution
b) Selective distribution
c) Exclusive distribution
d) Marketing distribution (hint - doesn't exist)
In short, if you know your definitions and understand the different influences, processes and strategies - you'll be fine.
How'd you end up doing astro?