SGO Edexcel Business - Theme 1: Marketing and People
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a) Mass markets and niche markets:
- characteristics
- market size and market share
- brands
- online retailing
- how markets change
- innovation and market growth
- adapting to change
d) The difference between risk and uncertainty-
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a) Product and market orientation
b) Primary and secondary market research data (quantitative and qualitative) used to:
- identify and anticipate customer needs and wants
- quantify likely demand
- gain insight into consumer behaviour
c) Limitations of market research, sample size and bias
d) Use of ICT to support market research:
- websites
- social networking
- databases
e) Market segmentation
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a) Market mapping
b) Competitive advantage of a product or service
c) The purpose of product differentiation
d) Adding value to products/services -
1.2.1 Demand
Introduction to the demand curve
Discuss movement along and of the demand curve, and factors influencing this
1.2.2 Supply
Introduction to the supply curve
Discuss movement along and of the supply curve, and factors influencing this
1.2.3 Markets
Combine work in demand and supply to illustrate price determination in a market
1.2.4 Price elasticity of demand (PED)
Calculation of PED
Interpretation of PED and its importance to businesses
1.2.5 Income elasticity of demand (YED)
Calculation of YED
Comparison contrast to PED
Interpretation of YED and its importance to businesses
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1.3.1 Product/service design
1.3.2 Branding and promotion
1.3.3 Pricing strategies
1.3.4 Distribution
1.3.5 Marketing strategy -
a) Design mix:
- function
- aesthetics
- cost
b) Changes in the elements of the design mix to reflect social trends:
- concern over resource depletion: designing for waste minimisation, re-use and recycling
- ethical sourcing
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- function
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a)Types of promotion
b)Types of branding
c)The benefits of strong branding:- added value
- ability to charge premium prices
- reduced price elasticity of demand
- unique selling points (USPs)/differentiation
- advertising
- sponsorship
- the use of social media
- viral marketing
- social media
- emotional branding
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- added value
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a) Types of pricing strategy:
- cost plus (calculating mark-up on unit cost)
- price skimming
- penetration
- predatory
- competitive
- psychological
b) Factors that determine the most appropriate pricing strategy for a particular situation:- number of USPs/amount of differentiation
- price elasticity of demand
- level of competition in the business environment
- strength of brand
- stage in the product life cycle
- costs and the need to make a profit
c) Changes in pricing to reflect social trends: online sales and price comparison sites
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- cost plus (calculating mark-up on unit cost)
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a) Distribution channels
b) Changes in distribution to reflect social trends:- online distribution
- changing from product to service
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a) The product life cycle
b) Extension strategies:- product
- promotion
d) Marketing strategies appropriate for different types of market:- mass markets
- niche markets
- business to business (B2B) and business to consumer (B2C) marketing
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1.4.1 Approaches to staffing
1.4.2 Recruitment, selection and training
1.4.3 Organisational design
1.4.4 Motivation in theory and practice
1.4.5 Leadership-
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a)Staff as an asset; staff as a cost
b)Flexible workforce:
- multi-skilling
- part-time and temporary
- flexible hours and home working
- outsourcing
c)Distinction between dismissal and redundancy
d)Employer/employee relationships- individual approach
- collective bargaining
- multi-skilling
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a) Staff as an asset; staff as a cost
b) Flexible workforce:
- multi-skilling
- part-time and temporary
- flexible hours and home working
- outsourcing
c) Distinction between dismissal and redundancy
d) Employer/employee relationships
- individual approach
- collective bargaining
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a) Recruitment and selection process:
- internal versus external recruitment
b) Costs of recruitment, selection and training
c) Types of training:
- induction
- on-the-job
- off-the-job
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a) Structure:
- hierarchy
- chain of command
- span of control
- centralised and decentralised
b) Types of structure:
- tall
- flat
- matrix
c) Impact of different organisational structures on business efficiency and motivation
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a) The importance of employee motivation to a business
b) Motivation theories:
- Taylor (scientific management)
- Mayo (human relations theory)
- Maslow (hierarchy of needs)
- Herzberg (two factor theory)
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c) Financial incentives to improve employee performance:
- piecework
- commission
- bonus
- profit share
- performance-related pay
d) Non-financial techniques to improve employee performance:
- delegation
- consultation
- empowerment
- team working
- flexible working
- job enrichment
- job rotation
- job enlargement
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a) Leadership:
- the distinction between management and leadership
b) Types of leadership style:
- autocratic
- paternalistic
- democratic
- laissez-faire
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1.5.1 Role of an entrepreneur
1.5.2 Entrepreneurial motives and characteristics
1.5.3 Business objectives
1.5.4 Forms of business
1.5.5 Business choices
1.5.6 Moving from entrepreneur to leader -
a)Creating and setting up a business
b)Running and expanding/developing a business
c)Innovation within a business (intrapreneurship)
d)Barriers to entrepreneurship
e)Anticipating risk and uncertainty in the business environment-
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a) Characteristics and skills required
b) Reasons why people set up businesses:- financial motives: profit maximisation and profit satisficing
- non-financial motives: ethical stance, social entrepreneurship, independence and home working
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a) Survival
b) Profit maximisation
c) Other objectives:- sales maximisation
- market share
- cost efficiency
- employee welfare
- customer satisfaction
- social objectives
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a) Sole trader, partnership and private limited company
b) Franchising, social enterprise, lifestyle businesses, online businesses
c) Growth to PLC and stock market flotation