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Protects customers when buying goods or services physically or online

Goods / Services must be of standard quality

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Consumer Rights Act (2015) BeeBusinessBee Video

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Game Theory and Oligopoly: Crash Course Economics #26

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- Information that has been gathered by other companies.
- Cheaper than primary research.
- Has not been gathered for the specific business but is adapted for use.

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*Gathers first- hand information
*Directly relevant to needs of business
*May be biased
*Specific to the business and its products/ services.

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Location is the place where a firm decides to site its operations. Location decisions can have a big impace on costs and revenues.

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The marketing mix consists of Place, Promotion, Product and Price

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*Questionnaires
*Focus Groups
*Consumer Panels
*Test Marketing

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There are many reasons as to why a business needs to have a good base location, such as:
- Customer convenience.
- Sufficient numbers of local staff.
- Support services.
- Cost of land/premises

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These allow specific marketing tactics to be used, adapting the 4P's to local taste and incomes.

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The action or business of promoting and selling products or services, including market research and advertising.

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Interaction of supply and demand, set price of products and determine the quality supplied.

perfect competition occurs when goods are undifferentiated, large number of products and buyers have information about what is available.

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- Official publications
- Industry magazines
- Online desk research

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Market - Orientated: produce what the market wants, set a price at the level the the market is willing to accept.

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Mass Marketing = Suits anyone,
Niche Marketing = Depends on current trends/fashion.

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Cost-based: Produce goods without in-depth reference to needs of the customers. Set a price related to cost of producing or supplying the product.

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Promotion is the use of media such as TV and internet advertisements to make customers aware of a product and incentivise them to purchase it. The promotion usually focuses on the benefits of said product over their competitors or any other gimmick the product has.

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Cost plus pricing: Profit percentage added to the average cost of producing the good.

Changes in cost passed directly to buyer, the good sold is sold at profit.

Full cost pricing: All costs of buisness taken into consideration.

Each good bear its proportion of overhead costs, e.g. marketing and administrations.

Contribution pricing: Price will be based on variable costs plus a contribution towards overhead and profits.

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Cost-Based Pricing | A-Level & IB Business

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high quality video, good watch.

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Bee Business Bee Innovation and Research and Development Presentation

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Join BeeBusinessBee in this presentation looking at the location of an organisation. In this session we look at the optimal location for a business and how multinationals can take advantage of off-shoring as a method of locating an organisation. These are all topics that are covered on the AQA BUSS3 Specification.

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https://www.google.co.uk/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiDkf6NgbbgAhXyDmMBHY9aA-YQjRx6BAgBEAU&url=https%3A%2F%2Fwww.agorapulse.com%2Fblog%2Fhow-to-run-youtube-ad-campaigns&psig=AOvVaw2JkHURweVMlMLDYmtWOtvg&ust=1550054480616468

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These need more consistency. A national marketing stratergy needs to be developed, allowing the bvrand to become known and understood.

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*Seeks to gather opinions and views
*Open questioning
*Sets out to gather attitudes and motivations of consumer groups.

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- Aims to gather information based on facts that can be tested.
- All about numbers; research can be displayed in graphs
- Statisics

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The product is any good or service offered for sale to customers. Some products are purchased to show personal style or to pretentiously demonstrate wealth. Products often come wrapped in add-ons, such as service packages or free delivery and installation on electrical goods.

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The goals of promotion are to:

Provide customers with readily available information.

Increase sales or market share.

Establish a product's image or brand.

Establish a corparate image.

Enable long-term business planning.

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Where global marketing often differs is in relation to pricing. The level of income of the target market may vary from country to country and pricing needs to reflect this.

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MARKET SKIMMING: charging high price to maximise profits on each item sold.

MARKET PENETRATION: gain market share, pricing a product at low level so customers are encouraged to purchase product in large quantities.

GOING RATE PRICING: sell goods at a prince broading in line with price charged by their competitors.

PSYCHOLOGICAL PRICING: prices set at level that matches what consumers may expect to pay.

LOSS LEADER PRICING: selling products at a loss, expectation that this generate further sales.

DESTROYER PRICING: setting a price low enough to drive competitors out of the market.

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Every member of the population has equal chance of being interviewed

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Population is segmented into a number of groups which share specific characteristics.

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TV adverts for Sega consoles during the 90's

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TV adverts for Sega consoles during the 90's

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https://www.youtube.com/watch?v=PIBmBy9APaU

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A sample is a group of respondents to a market research exercise who are selected to be respresentitive of the target market.

* sample too big -  research will take too long and be expensive

* sample too small - greater chance that random factors will cause inaccuracy.

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Infrastructure is the facilities that support everyday economic activity, e.g; roads, phone lines and gas pipes. With an efficient transport network, supplies and staff will be able to access the loaction easily.

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https://www.youtube.com/watch?v=C13xr25dg8Q

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This screen-capture video introduces the topic of marketing. Marketing is defined. NB There is a much newer version of this topic if you visit our youtube page.

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When promoting a product. A consumer follows a set path leading to the purchase of a product. These are:

1. Being unaware of the product's existence.

2. Learning of the product.

3. Understanding the benefits of the product.

4. Establishing a connection or liking of the product.

5. Finally purchasing the product.

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This is where the products appeal to everyone and anyone can buy it.

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The process of collecting information and data about a businesses customers, the marketplace and the activities of competitors.

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The market is where buyers and sellers meet for transactions.
The costs of location will vary according to likely sales and customer potential.
Retail location is not just about footfall (the number of people entering a shop).

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- Product fixed costs
- Allows for greater economies of scale
- Allows the targeting of wider markets
- Reduces risks
- Smoothes out overall sales
- Creates oppurtunities for growth

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This is based on designing goods or services specifically tailored for the needs of a relatively small target market

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Clicks and Bricks- is a marketing term which means that businesses need to have a web presence (clicks) plus a physical presence on the high street or in shopping centres (bricks).

Social Media- this form of marketing is of growing importance as fewer young people consume traditional media (TV and Newspapers) and instead consume entertainment and infromatio online.

M-commerce- mobile commerce is the buying and selling of goods and services through wireless handheld devices such as mobile phones.

Pricing and the internet- comapring prices has become easier. Using the web individuals can carry out there own research or use comparison sites such as Money Supermarket to find the best deals.

E-tailing- this is a form of electronic commerce which allows consumers to directly buy goods or services from a seller over the internet.

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WHY
The place where a product is sold can be used as part of a strategy to establish a certain brand identity. When HÃ¤agen-Dazs ice cream was launched in the UK, it was only available through upmarket outlets such as Harrods and Covent Garden coffee bars.

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[Updated] Primary & Secondary Research - An Introduction

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Setting up a business overseas involves a number of challenges including:
- Cultural and Language Barriers - Where managers are unfamiliar with local customers.
- Legal issues - Where local laws are different.
- Exchange Rate Issues - Unexpected changes in the value of sterling can have an impact on prices, costs and profits.

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The government offers grants and assistance to businesses that locate in areas with high unemployment.
Incentives include:
- Grants - help with the cost of setting up a business. Grant money doesn't have to be repaid.
- Loans - Which are repayable over many years at low rates of interest.
- Tax breaks - For example, firms may be made exempt from paying business rates.

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https://www.youtube.com/watch?v=b52AAyaFJ8U

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https://www.youtube.com/watch?v=Gqp29XSBdP4

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https://www.youtube.com/watch?v=C13xr25dg8Q

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What is Marketing & Brand Strategy ? : Digital Marketing Trends

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landed great video 👍

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A level Business Revision - Place (Distribution Strategies)

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https://www.youtube.com/watch?v=vxraQGnKPZw

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Pricing Strategies

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Pricing Strategies TED Talks Pricing Strategies for Top Companies Pricing Strategies Examples Pricing to Sell Items Distribution Pricing Strategies Pricing Your Art Basic Pricing Principles Electrical Pricing Strategies Pricing Strategies Funny Skimming Pricing Strategy Six Pricing Strategies Create Pricing Strategies Pricing Strategy PPT

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Internet sales are increasing massively. During November 2014 online sales were over £7 billion in the UK, up 9% on the previous year.

Internet marketing - Google Search

Internet Marketing (also known as emarketing, web marketing, or digital marketing) is an all-inclusive term for marketing products and/or services online â€“ and like many all-inclusive terms, internet marketing means different things to different people

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monopoly, oligopoly, perfect competition - Bing video

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Oligopoly and Nike Oligopoly Episode Oligopoly Cartels Microeconomics Oligopoly Oligopoly Economics Oligopoly Game Theory Advantages of Oligopoly Oligopoly vs Monopoly Oligopoly Cable Company Oligopoly Examples Monopolistic Competition Cable Oligopoly Oligopoly 2 Oligopoly Market Oligopoly Collusion Oligopoly 3 Oligopoly Curves Monopoly Economy

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Advantages and Disadvantages of mass marketing

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Advantages and Disadvantages of mass marketing

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Mass marketing reaches a large audience, has the potential for massive sales and

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Consumer Protection from Unfair Trading Regulations 2008

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Consumer Protection from Unfair Trading Regulations 2008

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The product life cycle are the stages that every product or service  will go through

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Consumer Contracts (Information, Cancellation and Addititonal Charges) Regulations 2013

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Consumer Contracts (Information, Cancellation and Addititonal Charges) Regulations 2013

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The Marketing Mix - Product distribution