Zusammenfassung der Ressource
Business Unit 1.4
- MARKETING MIX/ THE FOUR P's
- PRICE
- Importance of knowing the
market - how much are people
prepared to pay?
- Importance of PRICE
SENSITIVITY - How much
demand will change
depending on the price
- Importance of keeping an eye on
rivals - how much do they
charge?
- PRODUCT
- Methods used to
improve/differentiate the
product and increase the
sales/target sales more
effectively to gain a competitive
advantage, such as:
- Extension strategies
- Specialised versions
- New editions
- Improvements -
real or otherwise
- Changing packaging
- Technology etc.
- PROMOTION
- STRATEGIES To make the
consumer aware of the existence
of a product/service
- NOT just advertising
- So the customers can
buy the product and
eventually come back
- PLACE
- Means by which
products and services
get from producer to
consumer and where
they can reaccessed by
the consumer
- The more places to buy
the product and the
easier it is made to buy,
the better for the
business (and the
consumer)
- CUSTOMER SATISFACTION
- GOOD CUSTOMER SERVICE
- Examples
- Sales
- Assisting the customer
- Sampling
- Truthful
- Good quality workers
- Easily accessible
- A reasonable price
- A prompt delivery service
- Respectful workers
- Listening to feedback
- BAD CUSTOMER SERVCE
- EXAMPLES
- No improvement of products
- Disrespectful workers
- Not taking consideration of what the customer needs
- DISADVANTAGES to the
business of POOR customer
service
- 1. Poor customer service e.g. disrespectful workers
- 2. Poor reviews written by customers which then spread to the public
- 3. Complaints etc. Loss of previous customers
- 4. Complaints are spread to family and friends - then spreads to their family friends and goes on
- 5. People who are not customers get put off from the reviews written by previous customers
- 6. Rumours(?) Gives the business a bad reputation
- 7. No new customers or staff as they are turned away from complaints
- GOES BACK TO 1
- IMPORTANCE OF LIMITED LIABILITY
- LIMITED LIABILITY - Owners of the
business are only partly responsible
for repaying any debts of the
business, this all means that the
finances of a business and the
finances of the business owners are
separated LEGALLY
- RECRUITMENT, TRAINING AND
MOTIVATING STAFF
- APPLICATION - Businesses started
the recruiting process by drawing up
a number of documents
- JOB ADVERT - Should give a brief description
of what the job is and list the
experience/skills needed for said job. Could
also involve the rate of pay
- JOB PARTICULARS - Information about the
business and the job is usually given by the job
particulars (more detailed than the job advert)
- JOB DESCRIPTION
- PERSON SPECIFICATION - A
description of the sort of
person suitable for the job
- CVs AND APPLICATION
FORMS - Businesses
should have produced
an application form
which would be filled in
by all applicants who
would be giving details
about themselves and
why they want the job
- SELECTION - Those who meets the criteria of what
a business wants would be accepted to fill the job
- TRAINING STAFF - Its
important that employees
receive regular training in
the modern work
environment
- SKILL VS ATTITUDE IN RECRUITMENT
AND TRAINING - Skills are not the only
thing that employers need to look for
- Attitude towards staff is as
important
- MOTIVATION
- Pay its workers a fair wage
- Keep workers informed
about what is going on with
the business
- Provide decent
working
conditions
- Give workers as much power as possible
to organise the way in which they do
their work
- Be sympathetic about requests for time off
- Be consistent in how staff are death with