What is the purpose of marketing BBC Bitesize?

Marketing is about raising awareness that a business exists and continuing to keep customers up to date about events, offers, new services or updated menus. By knowing the market segment a business is aimed at, the marketing techniques can be created to suit that market and have a better chance of being successful.

What is unique selling point BBC Bitesize?

A unique selling point, or USP, is something about a product that makes it more appealing than its competitors. Examples include being the best quality, having the lowest price or having a feature that none of its competitors have.

Why do businesses use market research BBC Bitesize?

One of the aims of market research is to identify and understand the needs of customers relating to price, quality, choice and convenience. By identifying the needs of customers through market research, businesses are able to reduce their level of risk and make business decisions that are more likely to be successful.

What is the market share formula?

Market share is calculated by taking the company’s sales over the period and dividing it by the total sales of the industry over the same period. This metric is used to give a general idea of the size of a company in relation to its market and its competitors.

What are the four aims of marketing?

There are various types of marketing objectives, but the four main types are profitability+ objective, market share objective, promotional objective, and growth objective.

What is a product portfolio?

What Is a Product Portfolio? A product portfolio is the collection of all the products or services offered by a company. Product portfolio analysis can provide nuanced views on a stock type, company growth prospects, profit margin drivers, income contributions, market leadership, and operational risk.

What are the 4 main purposes of market research?

4 Business Goals Market Research Can Help You Accomplish

Making solid business decisions.
Securing funding from investors.
Determining new business opportunities.
Avoiding business failures.

What are the 4 uses of marketing research?

The four main uses of market research, by commercial organisations, in descending order of importance (in terms of spend) are: Monitoring performance, for example ad tracking, brand awareness, viewing figures, usage, customer satisfaction, mystery and shopping.

What is the market share of a business?

The business had a market share of 14%. Whenever a business makes changes to the marketing mix of a product, it is important to understand the impact that it may have.

Where can I find BBC Bitesize exam board content?

Exam board content from BBC Bitesize for students in England, Northern Ireland or Wales. Choose the exam specification that matches the one you study.

Which is the correct formula for market share?

It is an important piece of marketing data, as many businesses will use it as an indication of how well they are doing compared to their competitors. It is calculated using the following formula: \\ [ ext {Market share (\\%) = }\\frac { ext {Number of products sold by the business}} { ext {Total market sales}} × 100\\]

How is market data used in marketing mix?

Together the different elements of the marketing mix can be used to create the image that a business believes will give it the best chance of selling products and services to consumers. Market data refers to information that a business needs to know about the characteristics of a particular market.

What is the purpose of marketing BBC Bitesize? Marketing is about raising awareness that a business exists and continuing to keep customers up to date about events, offers, new services or updated menus. By knowing the market segment a business is aimed at, the marketing techniques can be created to suit that market and have…