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href="../22093/glossary-break-even-analysis.html" title="Glossary: Break-even analysis">Glossary: Break-even analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21747/34-final-accounts.html" title="3.4 Final accounts">3.4 Final accounts</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31367/glossary-final-accounts.html" title="Glossary: Final accounts">Glossary: Final accounts</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21748/35-profitability-and-liquidity-ratio-analysis.html" title="3.5 Profitability and liquidity ratio analysis">3.5 Profitability and liquidity ratio analysis</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25111/glossary-profitability-and-liquidity-ratio-analysis.html" title="Glossary: Profitability and liquidity ratio analysis">Glossary: Profitability and liquidity ratio analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21749/36-efficiency-ratio-analysis-hl-only.html" title="3.6 Efficiency ratio analysis (HL only)">3.6 Efficiency ratio analysis (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25114/glossary-efficiency-ratios.html" title="Glossary: Efficiency ratios">Glossary: Efficiency ratios</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21750/37-cash-flow.html" title="3.7 Cash flow">3.7 Cash flow</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25118/cash-flow-forecasts.html" title="Cash flow forecasts">Cash flow forecasts</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31376/glossary-cash-flow.html" title="Glossary: Cash flow">Glossary: Cash flow</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21751/38-investment-appraisal.html" title="3.8 Investment appraisal">3.8 Investment appraisal</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31377/glossary-investment-appraisal-.html" title="Glossary: Investment appraisal ">Glossary: Investment appraisal </a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21752/39-budgets-hl-only.html" title="3.9 Budgets (HL only)">3.9 Budgets (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31378/39-budgets-hl-only-glossary.html" title="3.9 Budgets (HL Only) Glossary">3.9 Budgets (HL Only) Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21684/unit-4.html" title="Unit 4">Unit 4</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21767/41-the-role-of-marketing.html" title="4.1 The role of marketing">4.1 The role of marketing</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25618/glossary-the-role-of-marketing.html" title="Glossary: The role of marketing">Glossary: The role of marketing</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21768/42-marketing-planning.html" title="4.2 Marketing planning">4.2 Marketing planning</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../28328/glossary-marketing-planning.html" title="Glossary: Marketing planning">Glossary: Marketing planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21769/43-sales-forecasting-hl-only.html" title="4.3 Sales forecasting (HL only)">4.3 Sales forecasting (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25713/glossary-sales-forecasting.html" title="Glossary: Sales forecasting">Glossary: Sales forecasting</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21713/44-market-research.html" title="4.4 Market research">4.4 Market research</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25208/glossary-market-research.html" title="Glossary: Market research">Glossary: Market research</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21770/45-the-four-ps.html" title="4.5 The four Ps">4.5 The four Ps</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Product">Product</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22627/glossary-product.html" title="Glossary: Product">Glossary: Product</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22525/price.html" title="Price">Price</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22548/glossary-price.html" title="Glossary: Price">Glossary: Price</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22567/promotion.html" title="Promotion">Promotion</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22704/45-promotion-glossary.html" title="4.5 Promotion - Glossary">4.5 Promotion - Glossary</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22745/place.html" title="Place">Place</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../23813/45-place-glossary.html" title="4.5 Place - Glossary">4.5 Place - Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21774/46-the-extended-marketing-mix-7-ps-hl.html" title="4.6 The extended marketing mix (7 Ps) (HL)">4.6 The extended marketing mix (7 Ps) (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23814/glossary-the-extended-marketing-mix-hl.html" title="Glossary: The extended marketing mix (HL)">Glossary: The extended marketing mix (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21772/47-international-marketing-hl-only.html" title="4.7 International marketing (HL only)">4.7 International marketing (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23815/glossary-international-marketing-hl.html" title="Glossary: International Marketing (HL)">Glossary: International Marketing (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21773/48-e-commerce.html" title="4.8 E-commerce">4.8 E-commerce</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23797/glossary-e-commerce.html" title="Glossary: E-commerce">Glossary: E-commerce</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21688/unit-5.html" title="Unit 5">Unit 5</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21937/51-the-role-of-operations-management.html" title="5.1 The role of operations management">5.1 The role of operations management</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24843/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21938/52-production-methods.html" title="5.2 Production methods">5.2 Production methods</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24848/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21939/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management (HL)">5.3 Lean production & quality management (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24839/glossary-lean-production-and-quality-management.html" title="Glossary: Lean Production and quality management">Glossary: Lean Production and quality management</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21700/54-location.html" title="5.4 Location">5.4 Location</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24959/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21695/55-production-planning-hl.html" title="5.5 Production planning (HL)">5.5 Production planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25032/glossary-production-planning.html" title="Glossary: Production planning">Glossary: Production planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../33222/56-research-development-hl.html" title="5.6 Research & development (HL)">5.6 Research & development (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../34014/glossary-research-development.html" title="Glossary: Research & Development">Glossary: Research & Development</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21941/57-crisis-management-contingency-planning-hl.html" title="5.7 Crisis management & contingency planning (HL)">5.7 Crisis management & contingency planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25042/glossary.html" title="Glossary">Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../25115/cuegis.html" title="CUEGIS">CUEGIS</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The 6 CUEGIS concepts">The 6 CUEGIS concepts</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Ethics">Ethics</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../21954/mcdonalds-supersize-me.html" title="McDonald's - Supersize Me">McDonald's - Supersize Me</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The CUEGIS essay">The CUEGIS essay</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22876/planning-your-cuegis-essay.html" title="Planning your CUEGIS essay">Planning your CUEGIS essay</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../33806/paper-2-section-c-questions.html" title="Paper 2 Section C Questions">Paper 2 Section C Questions</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../33959/the-ia.html" title="The IA">The IA</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="HL IA">HL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22190/35-sample-research-questions-for-the-hl-ia.html" title="35 sample research questions for the HL IA">35 sample research questions for the HL IA</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22200/hl-ia-student-checklist.html" title="HL IA - Student Checklist">HL IA - Student Checklist</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../33508/ia-hl-poster.html" title="IA HL Poster">IA HL Poster</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="SL IA">SL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22146/sl-ia-20-sample-titles.html" title="SL IA - 20 Sample Titles">SL IA - 20 Sample Titles</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38181/faq-about-the-sl-ia.html" title="FAQ about the SL IA">FAQ about the SL IA</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../22114/exams.html" title="Exams">Exams</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22115/command-terms.html" title="Command Terms">Command Terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../36599/glossary-of-key-terms.html" title="Glossary of key terms">Glossary of key terms</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../38059/flashcards-revision.html" title="Flashcards - Revision">Flashcards - Revision</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38060/flashcards-revision-unit-1.html" title="Flashcards - Revision (Unit 1)">Flashcards - Revision (Unit 1)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38056/unit-11-revision-flashcards.html" title="Unit 1.1 Revision Flashcards">Unit 1.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38061/unit-12-revision-flashcards.html" title="Unit 1.2 Revision Flashcards">Unit 1.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38067/unit-13-revision-flashcards.html" title="Unit 1.3 Revision Flashcards">Unit 1.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38092/unit-14-revision-flashcards.html" title="Unit 1.4 Revision Flashcards">Unit 1.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38096/unit-15-revision-flashcards.html" title="Unit 1.5 Revision Flashcards">Unit 1.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38102/unit-16-revision-flashcards.html" title="Unit 1.6 Revision Flashcards">Unit 1.6 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38103/unit-17-revision-flashcards.html" title="Unit 1.7 Revision Flashcards">Unit 1.7 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38114/flashcards-revision-unit-2.html" title="Flashcards - Revision (Unit 2)">Flashcards - Revision (Unit 2)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38121/unit-21-revision-flashcards.html" title="Unit 2.1 Revision Flashcards">Unit 2.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38125/unit-22-revision-flashcards.html" title="Unit 2.2 Revision Flashcards">Unit 2.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38126/unit-23-revision-flashcards.html" title="Unit 2.3 Revision Flashcards">Unit 2.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38144/unit-24-revision-flashcards.html" title="Unit 2.4 Revision Flashcards">Unit 2.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38146/unit-25-revision-flashcards.html" title="Unit 2.5 Revision Flashcards">Unit 2.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38147/unit-26-revision-flashcards-hl-only.html" title="Unit 2.6 Revision Flashcards (HL only)">Unit 2.6 Revision Flashcards (HL only)</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38149/flashcards-revision-unit-3.html" title="Flashcards - Revision (Unit 3)">Flashcards - Revision (Unit 3)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38153/unit-31-revision-flashcards.html" title="Unit 3.1 Revision Flashcards">Unit 3.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38154/unit-32-revision-flashcards.html" title="Unit 3.2 Revision Flashcards">Unit 3.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38182/unit-33-revision-flashcards.html" title="Unit 3.3 Revision Flashcards">Unit 3.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38183/unit-34-revision-flashcards.html" title="Unit 3.4 Revision Flashcards">Unit 3.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38191/unit-35-revision-flashcards.html" title="Unit 3.5 Revision Flashcards">Unit 3.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38192/unit-36-revision-flashcards-hl.html" title="Unit 3.6 Revision Flashcards (HL)">Unit 3.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38193/unit-37-revision-flashcards.html" title="Unit 3.7 Revision Flashcards">Unit 3.7 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38194/unit-38-revision-flashcards.html" title="Unit 3.8 Revision Flashcards">Unit 3.8 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38195/unit-39-revision-flashcards.html" title="Unit 3.9 Revision Flashcards">Unit 3.9 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38196/flashcards-revision-unit-4.html" title="Flashcards - Revision (Unit 4)">Flashcards - Revision (Unit 4)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38198/unit-41-revision-flashcards.html" title="Unit 4.1 Revision Flashcards">Unit 4.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38203/unit-42-revision-flashcards.html" title="Unit 4.2 Revision Flashcards">Unit 4.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38217/unit-43-revision-flashcards.html" title="Unit 4.3 Revision Flashcards">Unit 4.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38218/unit-44-revision-flashcards.html" title="Unit 4.4 Revision Flashcards">Unit 4.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38219/unit-45a-product-revision-flashcards.html" title="Unit 4.5a Product Revision Flashcards">Unit 4.5a Product Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38220/unit-45b-price-revision-flashcards.html" title="Unit 4.5b Price Revision Flashcards">Unit 4.5b Price Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38221/unit-45c-promotion-revision-flashcards.html" title="Unit 4.5c Promotion Revision Flashcards">Unit 4.5c Promotion Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38222/unit-45d-promotion-revision-flashcards.html" title="Unit 4.5d Promotion Revision Flashcards">Unit 4.5d Promotion Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38223/unit-46-revision-flashcards-hl.html" title="Unit 4.6 Revision Flashcards (HL)">Unit 4.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38224/unit-47-revision-flashcards-hl.html" title="Unit 4.7 Revision Flashcards (HL)">Unit 4.7 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38225/unit-48-e-commerce-flashcards.html" title="Unit 4.8 E-commerce Flashcards">Unit 4.8 E-commerce Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38232/flashcards-revision-unit-5.html" title="Flashcards - Revision (Unit 5)">Flashcards - Revision (Unit 5)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38233/unit-51-revision-flashcards.html" title="Unit 5.1 Revision Flashcards">Unit 5.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38234/unit-52-revision-flashcards.html" title="Unit 5.2 Revision Flashcards">Unit 5.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38235/unit-53-revision-flashcards-hl.html" title="Unit 5.3 Revision Flashcards (HL)">Unit 5.3 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38236/unit-54-revision-flashcards.html" title="Unit 5.4 Revision Flashcards">Unit 5.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38237/unit-55-revision-flashcards-hl.html" title="Unit 5.5 Revision Flashcards (HL)">Unit 5.5 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38238/unit-56-revision-flashcards-hl.html" title="Unit 5.6 Revision Flashcards (HL)">Unit 5.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38239/unit-57-revision-flashcards-hl.html" title="Unit 5.7 Revision Flashcards (HL)">Unit 5.7 Revision Flashcards (HL)</a></li></ul></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../33830/formulae-quiz.html" title="Formulae Quiz">Formulae Quiz</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Paper 1 Pre-release case study">Paper 1 Pre-release case study</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44969/n22-case-study-ele-plc.html" title="N22 Case Study (ELE PLC)">N22 Case Study (ELE PLC)</a></li><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="M22 (Peacewick Uni)">M22 (Peacewick Uni)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../44106/additional-exam-questions-paper-1.html" title="Additional exam questions (Paper 1)">Additional exam questions (Paper 1)</a></li></ul><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../32840/may-2020-p-s-trawlers.html" title="May 2020 (P&S Trawlers)">May 2020 (P&S Trawlers)</a></li><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="M23 Paper 1">M23 Paper 1</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../47825/paper-1-svt-study-guide-shirin-karimi.html" title="Paper 1 SVT Study Guide (Shirin Karimi)">Paper 1 SVT Study Guide (Shirin Karimi)</a></li></ul></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../26095/exam-study-tips-resources.html" title="Exam & Study tips (resources)">Exam & Study tips (resources)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../31342/revision-exams-top-tips.html" title="Revision & Exams - Top tips">Revision & Exams - Top tips</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../47460/top-tips-for-m23-exams.html" title="Top Tips for M23 Exams">Top Tips for M23 Exams</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43522/unit-1-intro-to-bm.html" title="Unit 1 - Intro to BM">Unit 1 - Intro to BM</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44034/11-what-is-a-business.html" title="1.1 What is a business?">1.1 What is a business?</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399695.html" title="The nature of business">The nature of business</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399694.html" title="Primary, secondary, tertiary, & quaternary sectors">Primary, secondary, tertiary, & quaternary sectors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399693.html" title="Entrepreneurship">Entrepreneurship</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399692.html" title="Challenges & opportunities for starting a business">Challenges & opportunities for starting a business</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399691.html" title="1.1 True or False Quiz">1.1 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399690.html" title="1.1 Revision Flashcards">1.1 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399689.html" title="1.1 Glossary of key terms">1.1 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399681.html" title="1.2 Types of business entities">1.2 Types of business entities</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399688.html" title="Public & private sectors">Public & private sectors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399687.html" title="Types of for-profit organizations">Types of for-profit organizations</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399686.html" title="For-profit social enterprises">For-profit social enterprises</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399685.html" title="Non-profit social enterprises">Non-profit social enterprises</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399684.html" title="True or False quiz">True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399683.html" title="1.2 Revision Flashcards">1.2 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399682.html" title="1.2 Glossary of key terms">1.2 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44041/13-business-objectives.html" title="1.3 Business objectives">1.3 Business objectives</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399679.html" title="Vision and mission statements">Vision and mission statements</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399680.html" title="Common business objectives">Common business objectives</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399678.html" title="Strategic & tactical objectives">Strategic & tactical objectives</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399677.html" title="Corporate social responsibility">Corporate social responsibility</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399676.html" title="1.3 Revision Flashcards">1.3 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399674.html" title="True or False quiz">True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399675.html" title="1.3 Glossary of Key terms">1.3 Glossary of Key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44044/14-stakeholders.html" title="1.4 Stakeholders">1.4 Stakeholders</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399673.html" title="The interests of stakeholders">The interests of stakeholders</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399672.html" title="Conflict between stakeholders">Conflict between stakeholders</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399670.html" title="Unit 1.4 Revision Flashcards">Unit 1.4 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399669.html" title="1.4 True or False">1.4 True or False</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399671.html" title="1.4 Glossary of Key terms">1.4 Glossary of Key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44045/15-growth-and-evolution.html" title="1.5 Growth and evolution">1.5 Growth and evolution</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44212/economies-diseconomies-of-scale-1.html" title="Economies & diseconomies of scale">Economies & diseconomies of scale</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44214/internal-and-external-growth-1.html" title="Internal and external growth">Internal and external growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44220/external-growth-methods-1.html" title="External growth methods">External growth methods</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44219/reasons-to-grow-or-stay-small-1.html" title="Reasons to grow or stay small">Reasons to grow or stay small</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45586/unit-15revision-flashcards-1.html" title="Unit 1.5 Revision Flashcards">Unit 1.5 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45450/true-or-false-quiz-1.html" title="True or False quiz">True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43673/15-glossary-of-key-terms-1.html" title="1.5 Glossary of key terms">1.5 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44046/16-multinational-companies.html" title="1.6 Multinational companies">1.6 Multinational companies</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44236/the-impact-of-mncs-on-host-countries-ao3-1.html" title="The impact of MNCs on host countries (AO3)">The impact of MNCs on host countries (AO3)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44240/video-documentaries-mncs-1.html" title="Video documentaries - MNCs">Video documentaries - MNCs</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45587/16-glossary-of-key-terms-1.html" title="1.6 Glossary of key terms">1.6 Glossary of key terms</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43530/unit-2-hrm.html" title="Unit 2 - HRM">Unit 2 - HRM</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44253/21-introduction-to-hrm.html" title="2.1 Introduction to HRM">2.1 Introduction to HRM</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44256/role-of-hrm.html" title="Role of HRM">Role of HRM</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44257/factors-that-influence-hr-planning.html" title="Factors that influence HR planning">Factors that influence HR planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44282/reasons-for-resistance-to-change.html" title="Reasons for resistance to change">Reasons for resistance to change</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44283/hr-strategies-for-reducing-the-impact-of-change-resistance-to-ch.html" title="HR strategies for reducing the impact of change & resistance to change">HR strategies for reducing the impact of change & resistance to change</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45458/21-true-or-false-quiz.html" title="2.1 True or False quiz">2.1 True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43677/21-glossary-of-key-terms.html" title="2.1 Glossary of key terms">2.1 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43875/22-organizational-structure.html" title="2.2 Organizational structure">2.2 Organizational structure</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44296/terminology-for-understanding-organizational-structures-1.html" title="Terminology for understanding organizational structures">Terminology for understanding organizational structures</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44310/types-of-organization-charts-1.html" title="Types of organization charts">Types of organization charts</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44323/appropriateness-of-organizational-structures-and-external-factor-1.html" title="Appropriateness of organizational structures and external factors">Appropriateness of organizational structures and external factors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44316/changes-in-organizational-structures-hl-1.html" title="Changes in organizational structures (HL)">Changes in organizational structures (HL)</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44338/23-leadership-and-management.html" title="2.3 Leadership and management">2.3 Leadership and management</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44343/scientific-intuitive-management-hl-1.html" title="Scientific & intuitive management (HL)">Scientific & intuitive management (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44339/management-and-leadership-1.html" title="Management and leadership">Management and leadership</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44340/leadership-styles-1.html" title="Leadership styles">Leadership styles</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45462/23-true-or-false-quiz.html" title="2.3 True or False Quiz">2.3 True or False Quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43829/24-motivation-and-demotivation.html" title="2.4 Motivation and demotivation">2.4 Motivation and demotivation</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44349/motivation-theories-sl-hl-1.html" title="Motivation theories (SL & HL)">Motivation theories (SL & HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44353/motivation-theories-hl-1.html" title="Motivation theories (HL)">Motivation theories (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44354/labour-turnover-hl-1.html" title="Labour turnover (HL)">Labour turnover (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44361/types-of-appraisal-hl-1.html" title="Types of appraisal (HL)">Types of appraisal (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44383/methods-of-recruitment-hl-1.html" title="Methods of recruitment (HL)">Methods of recruitment (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44382/internal-external-recruitment-hl-1.html" title="Internal & external recruitment (HL)">Internal & external recruitment (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44363/types-of-financial-rewards-1.html" title="Types of financial rewards">Types of financial rewards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44370/types-of-non-financial-rewards-1.html" title="Types of non-financial rewards">Types of non-financial rewards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44371/types-of-training.html" title="Types of training">Types of training</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44390/25-organizational-corporate-culture-hl.html" title="2.5 Organizational (corporate) culture (HL)">2.5 Organizational (corporate) culture (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44392/organizational-culture-hl-1.html" title="Organizational culture (HL)">Organizational culture (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44393/types-of-organizational-culture-hl-1.html" title="Types of organizational culture (HL)">Types of organizational culture (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44394/cultural-clashes-hl-1.html" title="Cultural clashes (HL)">Cultural clashes (HL)</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44247/26-communication.html" title="2.6 Communication">2.6 Communication</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43545/unit-3-finance.html" title="Unit 3 - Finance">Unit 3 - Finance</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44435/31-introduction-to-finance.html" title="3.1 Introduction to finance">3.1 Introduction to finance</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44431/31-introduction-to-finance-role-of-finance.html" title="3.1 Introduction to finance - role of finance">3.1 Introduction to finance - role of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45634/31-glossary-of-key-term.html" title="3.1 Glossary of key term">3.1 Glossary of key term</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44436/32-sources-of-finance.html" title="3.2 Sources of finance">3.2 Sources of finance</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44437/internal-sources-of-finance.html" title="Internal sources of finance">Internal sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44450/external-sources-of-finance.html" title="External sources of finance">External sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44479/appropriateness-of-sources-of-finance.html" title="Appropriateness of sources of finance">Appropriateness of sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45483/32-true-or-false-quiz.html" title="3.2 True or False Quiz">3.2 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43688/32-glossary-of-key-terms.html" title="3.2 Glossary of key terms">3.2 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44486/33-costs-and-revenues.html" title="3.3 Costs and revenues">3.3 Costs and revenues</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44487/types-of-costs-1.html" title="Types of costs">Types of costs</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44491/total-revenue-revenue-streams-1.html" title="Total revenue & revenue streams">Total revenue & revenue streams</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45484/33-true-or-false-quiz-1.html" title="3.3 True or false quiz">3.3 True or false quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45657/33-glossary-of-key-terms-1.html" title="3.3 Glossary of key terms">3.3 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44492/34-final-accounts.html" title="3.4 Final accounts">3.4 Final accounts</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44527/the-purpose-of-accounts-to-different-stakeholders-1.html" title="The purpose of accounts to different stakeholders">The purpose of accounts to different stakeholders</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44577/profit-loss-account-2.html" title="Profit & loss account">Profit & loss account</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44579/balance-sheets-1.html" title="Balance sheets">Balance sheets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44560/types-of-intangible-assets-1.html" title="Types of intangible assets">Types of intangible assets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44585/depreciation-hl-1.html" title="Depreciation (HL)">Depreciation (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45919/34-true-or-false-quiz-1.html" title="3.4 True or False Quiz">3.4 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45658/34-glossary-of-key-terms-1.html" title="3.4 Glossary of key terms">3.4 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44593/35-profitability-liquidity-ratio-analysis.html" title="3.5 Profitability & liquidity ratio analysis">3.5 Profitability & liquidity ratio analysis</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44595/profitability-ratios.html" title="Profitability ratios">Profitability ratios</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44626/liquidity-ratios-1.html" title="Liquidity ratios">Liquidity ratios</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45486/35-true-or-false-quiz-1.html" title="3.5 True or False Quiz">3.5 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45661/35-glossary-of-key-terms-1.html" title="3.5 Glossary of key terms">3.5 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44627/36-efficiency-ratio-analysis-hl-only.html" title="3.6 Efficiency ratio analysis (HL only)">3.6 Efficiency ratio analysis (HL only)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44805/efficiency-ratios-hl-1.html" title="Efficiency ratios (HL)">Efficiency ratios (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44633/insolvency-versus-bankruptcy-1.html" title="Insolvency versus bankruptcy">Insolvency versus bankruptcy</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45488/36-true-or-false-quiz-1.html" title="3.6 True or False Quiz">3.6 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45662/36-glossary-of-key-terms-1.html" title="3.6 Glossary of key terms">3.6 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44493/37-cash-flow.html" title="3.7 Cash flow">3.7 Cash flow</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44502/the-difference-between-profit-cash-flow-1.html" title="The difference between profit & cash flow">The difference between profit & cash flow</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44506/working-capital-1.html" title="Working capital">Working capital</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44557/liquidity-position-1.html" title="Liquidity position">Liquidity position</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44558/cash-flow-forecasts-1.html" title="Cash flow forecasts">Cash flow forecasts</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44507/relationship-between-investment-profit-cash-flow-1.html" title="Relationship between investment, profit & cash flow">Relationship between investment, profit & cash flow</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44509/strategies-for-dealing-with-cash-flow-problems-1.html" title="Strategies for dealing with cash flow problems">Strategies for dealing with cash flow problems</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45493/37-true-or-false-1.html" title="3.7 True or False">3.7 True or False</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43687/37-glossary-of-key-terms-1.html" title="3.7 Glossary of key terms">3.7 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44515/38-investment-appraisal.html" title="3.8 Investment appraisal">3.8 Investment appraisal</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44516/payback-period-average-rate-of-return-1.html" title="Payback period & Average rate of return">Payback period & Average rate of return</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44519/net-present-value-npv-hl.html" title="Net present value (NPV) (HL)">Net present value (NPV) (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45494/38-true-or-false-quiz-1.html" title="3.8 True or False Quiz">3.8 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43693/38-glossary-of-key-terms-1.html" title="3.8 Glossary of key terms">3.8 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44564/39-budgets-hl.html" title="3.9 Budgets (HL)">3.9 Budgets (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44565/the-difference-between-cost-profit-centres-1.html" title="The difference between cost & profit centres">The difference between cost & profit centres</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44568/the-roles-of-cost-profit-centres-1.html" title="The roles of cost & profit centres">The roles of cost & profit centres</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44576/constructing-budgets-1.html" title="Constructing budgets">Constructing budgets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44569/variances-1.html" title="Variances">Variances</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44571/the-importance-of-budgets-variances-1.html" title="The importance of budgets & variances">The importance of budgets & variances</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45495/39-true-or-false-quiz-1.html" title="3.9 True or False Quiz">3.9 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43694/39-glossary-of-key-terms.html" title="3.9 Glossary of key terms">3.9 Glossary of key terms</a></li></ul></ul><li class="ancestor parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../43547/unit-4-marketing.html" title="Unit 4 - Marketing">Unit 4 - Marketing</a></li><ul class="level-1 expanded"><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44637/41-introduction-to-marketing.html" title="4.1 Introduction to marketing">4.1 Introduction to marketing</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44638/market-orientation-vs-product-orientation-1.html" title="Market orientation vs Product orientation">Market orientation vs Product orientation</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44639/market-share-1.html" title="Market share">Market share</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44641/market-growth-1.html" title="Market growth">Market growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44642/importance-of-market-share-market-leadership-hl-1.html" title="Importance of market share & market leadership (HL)">Importance of market share & market leadership (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43695/41-glossary-of-key-terms-1.html" title="4.1 Glossary of key terms">4.1 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43823/42-marketing-planning.html" title="4.2 Marketing planning">4.2 Marketing planning</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44645/the-role-of-marketing-planning-1.html" title="The role of marketing planning">The role of marketing planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44654/segmentation-targeting-and-positioning-1.html" title="Segmentation, targeting, and positioning">Segmentation, targeting, and positioning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44646/difference-between-niche-mass-market-1.html" title="Difference between niche & mass market">Difference between niche & mass market</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43821/the-importance-of-having-a-usp-1.html" title="The importance of having a USP">The importance of having a USP</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44655/how-organizations-differentiate-themselves-1.html" title="How organizations differentiate themselves">How organizations differentiate themselves</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43834/42-vocab-quiz-1.html" title="4.2 Vocab Quiz">4.2 Vocab Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45528/42-true-or-false-quiz-1.html" title="4.2 True or False Quiz">4.2 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43696/42-glossary-of-key-terms-1.html" title="4.2 Glossary of key terms">4.2 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44660/43-sales-forecasting-hl.html" title="4.3 Sales forecasting (HL)">4.3 Sales forecasting (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44669/benefits-limitations-of-sales-forecasting.html" title="Benefits & limitations of sales forecasting">Benefits & limitations of sales forecasting</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45530/43-true-or-false-quiz-1.html" title="4.3 True or False Quiz">4.3 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43711/43-glossary-of-key-terms-1.html" title="4.3 Glossary of key terms">4.3 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44679/44-market-research.html" title="4.4 Market research">4.4 Market research</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44680/why-how-organizations-carry-out-market-research.html" title="Why & how organizations carry out market research">Why & how organizations carry out market research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44692/methodstechniques-of-primary-market-research-1.html" title="Methods/techniques of primary market research">Methods/techniques of primary market research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44693/methodstechniques-of-secondary-market-research-1.html" title="Methods/techniques of secondary market research">Methods/techniques of secondary market research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44694/qualitative-quantitative-research-1.html" title="Qualitative & quantitative research">Qualitative & quantitative research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44695/methods-of-sampling-1.html" title="Methods of sampling">Methods of sampling</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45531/44-true-or-false-quiz-1.html" title="4.4 True or False Quiz">4.4 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43712/44-glossary-of-key-terms-1.html" title="4.4 Glossary of key terms">4.4 Glossary of key terms</a></li></ul><li class="ancestor parent" style="padding-left: 14px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../44720/45-the-seven-ps-of-the-marketing-mix.html" title="4.5 The seven Ps of the marketing mix">4.5 The seven Ps of the marketing mix</a></li><ul class="level-2 expanded"><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44740/451-product.html" title="4.5.1 Product">4.5.1 Product</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44741/the-product-life-cycle-1.html" title="The product life cycle">The product life cycle</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44745/extension-strategies-1.html" title="Extension strategies">Extension strategies</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44981/relationship-between-the-plc-investment-profit-cash-flow-1.html" title="Relationship between the PLC, investment, profit & cash flow">Relationship between the PLC, investment, profit & cash flow</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44748/aspects-of-branding.html" title="Aspects of branding">Aspects of branding</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44757/the-importance-of-branding-1.html" title="The importance of branding">The importance of branding</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../45766/starterplenary-activity-anagrams-quiz-brands-1.html" title="Starter/Plenary activity - Anagrams Quiz (Brands)">Starter/Plenary activity - Anagrams Quiz (Brands)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../45957/starterplenary-activity-whats-in-a-brand-name-1.html" title="Starter/Plenary activity - What's in a (brand) name?">Starter/Plenary activity - What's in a (brand) name?</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43713/45-glossary-of-key-terms-product-1.html" title="4.5 Glossary of key terms (Product)">4.5 Glossary of key terms (Product)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../42547/452-price-1.html" title="4.5.2 Price">4.5.2 Price</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43719/45-key-terms-price-1.html" title="4.5 Key Terms (Price)">4.5 Key Terms (Price)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44782/453-promotion.html" title="4.5.3 Promotion">4.5.3 Promotion</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44783/above-the-line-promotion-1.html" title="Above the line promotion">Above the line promotion</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44795/below-the-line-promotion-1.html" title="Below the line promotion">Below the line promotion</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44797/through-the-line-promotion-1.html" title="Through the line promotion">Through the line promotion</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44801/social-media-marketing-1.html" title="Social media marketing">Social media marketing</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43721/45-glossary-of-key-terms-1.html" title="4.5 Glossary of key terms">4.5 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44803/454-place-1.html" title="4.5.4 Place">4.5.4 Place</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44804/the-importance-of-different-distribution-channels-1.html" title="The importance of different distribution channels">The importance of different distribution channels</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43722/45-glossary-of-key-terms-1.html" title="4.5 Glossary of key terms">4.5 Glossary of key terms</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44758/455-people-1.html" title="4.5.5 People">4.5.5 People</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44773/456-processes-1.html" title="4.5.6 Processes">4.5.6 Processes</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44774/457-physical-evidence-1.html" title="4.5.7 Physical evidence">4.5.7 Physical evidence</a></li><li class="current" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="appropriate-marketing-mixes-1.html" title="Appropriate marketing mixes">Appropriate marketing mixes</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44697/46-international-marketing-hl.html" title="4.6 International marketing (HL)">4.6 International marketing (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44698/opportunities-threats-posed-by-entry-into-international-markets-1.html" title="Opportunities & threats posed by entry into international markets">Opportunities & threats posed by entry into international markets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45537/46-true-or-false-quiz-1.html" title="4.6 True or False Quiz">4.6 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45736/46-glossary-of-key-terms-1.html" title="4.6 Glossary of key terms">4.6 Glossary of key terms</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43565/unit-5-operations-mgt.html" title="Unit 5 - Operations Mgt">Unit 5 - Operations Mgt</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44817/51-introduction-to-operations-management.html" title="5.1 Introduction to operations management">5.1 Introduction to operations management</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44818/the-role-of-operations-management-1.html" title="The role of operations management">The role of operations management</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44812/52-operations-methods.html" title="5.2 Operations methods">5.2 Operations methods</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44815/operations-methods-1.html" title="Operations methods">Operations methods</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44861/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management (HL)">5.3 Lean production & quality management (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44864/features-of-lean-production.html" title="Features of lean production">Features of lean production</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44872/methods-of-lean-production.html" title="Methods of lean production">Methods of lean production</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44874/cradle-to-cradle-design-manufacturing.html" title="Cradle to cradle design & manufacturing">Cradle to cradle design & manufacturing</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44875/quality-control-quality-assurance.html" title="Quality control & quality assurance">Quality control & quality assurance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44876/methods-of-managing-quality.html" title="Methods of managing quality">Methods of managing quality</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44877/the-impact-of-lean-production-tqm.html" title="The impact of lean production & TQM">The impact of lean production & TQM</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44878/national-international-quality-standards.html" title="National & international quality standards">National & international quality standards</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44840/55-break-even-analysis.html" title="5.5 Break-even analysis">5.5 Break-even analysis</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44843/contribution.html" title="Contribution">Contribution</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44848/aspects-of-break-even-analysis.html" title="Aspects of break-even analysis">Aspects of break-even analysis</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44851/changes-in-price-and-costs.html" title="Changes in price and costs">Changes in price and costs</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44852/limitations-of-break-even-analysis.html" title="Limitations of break-even analysis">Limitations of break-even analysis</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44890/56-production-planning-hl.html" title="5.6 Production planning (HL)">5.6 Production planning (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44902/the-local-global-supply-chain-process.html" title="The local & global supply chain process">The local & global supply chain process</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44922/the-difference-between-jit-jic.html" title="The difference between JIT & JIC">The difference between JIT & JIC</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44931/stock-control-charts.html" title="Stock control charts">Stock control charts</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44970/capacity-utilization-rate.html" title="Capacity utilization rate">Capacity utilization rate</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45125/defect-rate.html" title="Defect rate">Defect rate</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43832/productivity.html" title="Productivity">Productivity</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45187/cost-to-buy-cost-to-make.html" title="Cost to buy & Cost to make">Cost to buy & Cost to make</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../46353/sinterklaas-putting-ctb-vs-ctm-into-practice.html" title="Sinterklaas - Putting CTB vs CTM into practice">Sinterklaas - Putting CTB vs CTM into practice</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45242/57-crisis-management-contingency-planning-hl.html" title="5.7 Crisis management & contingency planning (HL)">5.7 Crisis management & contingency planning (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45243/difference-between-crisis-management-contingency-planning.html" title="Difference between crisis management & contingency planning">Difference between crisis management & contingency planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45268/impact-of-contingency-planning.html" title="Impact of contingency planning">Impact of contingency planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45260/factors-that-affect-effective-crisis-management.html" title="Factors that affect effective crisis management">Factors that affect effective crisis management</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45554/57-true-or-false-quiz.html" title="5.7 True or False Quiz">5.7 True or False Quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45669/59-management-information-systems-hl.html" title="5.9 Management Information Systems (HL)">5.9 Management Information Systems (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../42633/data-analytics.html" title="Data analytics">Data analytics</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45861/database.html" title="Database">Database</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44966/cybersecurity-and-cybercrime.html" title="Cybersecurity and cybercrime">Cybersecurity and cybercrime</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45859/critical-infrastructures.html" title="Critical infrastructures">Critical infrastructures</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../46175/virtual-reality.html" title="Virtual reality">Virtual reality</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45862/the-internet-of-things.html" title="The internet of things">The internet of things</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45858/artificial-intelligence.html" title="Artificial intelligence">Artificial intelligence</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../42634/big-data.html" title="Big data">Big data</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43392/customer-loyalty-programmes.html" title="Customer loyalty programmes">Customer loyalty programmes</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43395/digital-taylorism.html" title="Digital Taylorism">Digital Taylorism</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45671/data-mining.html" title="Data mining">Data mining</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45856/benefits-risks-ethical-implications-of-mis.html" title="Benefits, risks, & ethical implications of MIS">Benefits, risks, & ethical implications of MIS</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../42640/bmt-.html" title="BMT ">BMT </a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399696.html" title="BMT 1 - SWOT analysis">BMT 1 - SWOT analysis</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399697.html" title="BMT 2 - Ansoff matrix">BMT 2 - Ansoff matrix</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44027/bmt-3-steeple-analysis.html" title="BMT 3 - STEEPLE analysis">BMT 3 - STEEPLE analysis</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42577/bmt-4-boston-consulting-group-matrix.html" title="BMT 4 - Boston Consulting Group matrix">BMT 4 - Boston Consulting Group matrix</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42956/bmt-5-business-plans.html" title="BMT 5 - Business plans">BMT 5 - Business plans</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43606/bmt-6-decision-trees.html" title="BMT 6 - Decision trees">BMT 6 - Decision trees</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42362/bmt-7-descriptive-statistics.html" title="BMT 7 - Descriptive statistics">BMT 7 - Descriptive statistics</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42226/bmt-8-circular-business-models.html" title="BMT 8 - Circular Business Models">BMT 8 - Circular Business Models</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43605/bmt-9-gantt-chart-hl-only.html" title="BMT 9 - Gantt chart (HL only)">BMT 9 - Gantt chart (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42214/bmt-10-porters-generic-strategies-hl-only.html" title="BMT 10 - Porter's generic strategies (HL only)">BMT 10 - Porter's generic strategies (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42216/bmt-11-hofstedes-cultural-dimensions-hl-only.html" title="BMT 11 - Hofstede's cultural dimensions (HL only)">BMT 11 - Hofstede's cultural dimensions (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399698.html" title="BMT 12 - Force field analysis (HL only)">BMT 12 - Force field analysis (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42375/bmt-13-critical-path-analysis-hl-only.html" title="BMT 13 - Critical path analysis (HL only)">BMT 13 - Critical path analysis (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42344/bmt-14-contribution-hl-only-.html" title="BMT 14 - Contribution (HL only) ">BMT 14 - Contribution (HL only) </a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42311/bmt-15-simple-linear-regression-hl-only.html" title="BMT 15 - Simple linear regression (HL only)">BMT 15 - Simple linear regression (HL only)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../42758/concepts.html" title="Concepts">Concepts</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43633/creativity.html" title="Creativity">Creativity</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43631/ethics.html" title="Ethics">Ethics</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43435/sustainability.html" title="Sustainability">Sustainability</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43668/change.html" title="Change">Change</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../42836/ia-.html" title="IA ">IA </a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44415/formulating-suitable-ia-questions.html" title="Formulating suitable IA questions">Formulating suitable IA questions</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../47685/supporting-documents-for-the-ia.html" title="Supporting documents for the IA">Supporting documents for the IA</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../47840/top-tips-for-the-ia-primary-research.html" title="Top tips for the IA – Primary research">Top tips for the IA – Primary research</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44047/50-sample-ia-research-questions-1.html" title="50+ Sample IA research questions">50+ Sample IA research questions</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../46719/recommended-format-for-the-ia.html" title="Recommended format for the IA">Recommended format for the IA</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43603/exams.html" title="Exams">Exams</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44091/paper-1.html" title="Paper 1">Paper 1</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Paper 2">Paper 2</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../46637/01-ikea.html" title="01 - IKEA">01 - IKEA</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45839/quantitative-techniques.html" title="Quantitative techniques">Quantitative techniques</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../46025/abbreviations-quiz.html" title="Abbreviations Quiz">Abbreviations Quiz</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43740/command-terms.html" title="Command terms">Command terms</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45612/glossary-of-key-terms.html" title="Glossary of key terms">Glossary of key terms</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../33955/the-core.html" title="The Core">The Core</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../34902/cas-bm.html" title="CAS & BM">CAS & BM</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21665/the-ee.html" title="The EE">The EE</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21934/the-bm-extended-essay.html" title="The BM Extended Essay">The BM Extended Essay</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32857/ee-planning-form.html" title="EE Planning form">EE Planning form</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37390/managing-the-ee-process.html" title="Managing the EE process">Managing the EE process</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37496/top-10-tips-for-the-bm-ee.html" title="Top 10 tips for the BM EE">Top 10 tips for the BM EE</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21930/70-top-bm-ee-research-questions.html" title="70 top BM EE Research Questions">70 top BM EE Research Questions</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22196/tools-techniques-theories-for-the-ee.html" title="Tools, techniques & theories for the EE">Tools, techniques & theories for the EE</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44048/the-triple-bottom-line.html" title="The triple bottom line">The triple bottom line</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21836/understanding-the-assessment-criteria.html" title="Understanding the assessment criteria">Understanding the assessment criteria</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37960/reflections-and-engagement-in-the-ee.html" title="Reflections and engagement in the EE">Reflections and engagement in the EE</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../41874/the-mandatory-reflection-sessions.html" title="The mandatory reflection sessions">The mandatory reflection sessions</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37659/top-10-tips-for-completing-the-rppf-1.html" title="Top 10 Tips for completing the RPPF">Top 10 Tips for completing the RPPF</a></li><li class="" style="padding-left: 28px"><i class="expander fa 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href="../22208/how-well-do-you-know-the-bm-course.html" title="How well do you know the BM course?">How well do you know the BM course?</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Distance Learning">Distance Learning</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39730/financial-literacy-simulation-game.html" title="Financial literacy simulation game">Financial literacy simulation game</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34551/starter-activities-business-management-trivia-quizzes.html" title="Starter Activities - Business Management Trivia Quizzes">Starter Activities - Business Management Trivia Quizzes</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" 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<div id="main-column" class="span9"> <article id="appropriate-marketing-mixes" style="margin-top: 16px;">
<h1 class="section-title">Appropriate marketing mixes</h1>
<ul class="breadcrumb"><li><a title="Home" href="../../../businessmanagement.html"><i class="fa fa-home"></i></a><span class="divider">/</span></li><li><span class="gray">Unit 4 - Marketing</span><span class="divider">/</span></li><li><span class="gray">4.5 The seven Ps of the marketing mix</span><span class="divider">/</span></li><li><span class="active">Appropriate marketing mixes</span></li></ul>
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<div class="panel panel-purple"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>Appropriate marketing mixes for particular products or businesses (AO3)</strong></p></div></div><div class="panel-body"><p><img alt="" src="../../../ib/businessmanagement/images/mcdonald-s.png" style="width: 300px; height: 174px;"></p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Goods</strong> are physical products, such as handbags, cars, and laptops. <strong>Services</strong> are intangible products, such as education, haircuts, and train rides. The marketing of physical goods varies from the marketing of intangible services. The marketing of goods involves the traditional marketing mix (<a href="../44740/451-product.html" title="New syllabus 2022 » Unit 4 - Marketing » 4.5 The seven Ps of the marketing mix » 4.5.1 Product">product</a>, <a href="../42547/452-price-1.html" title="New syllabus 2022 » Unit 4 - Marketing » 4.5 The seven Ps of the marketing mix » 4.5.2 Price">price</a>, <a href="../44782/453-promotion.html" title="New syllabus 2022 » Unit 4 - Marketing » 4.5 The seven Ps of the marketing mix » 4.5.3 Promotion">promotion</a>, and <a href="../44803/454-place-1.html" title="New syllabus 2022 » Unit 4 - Marketing » 4.5 The seven Ps of the marketing mix » 4.5.4 Place">place</a>).</span></p><p>Marketers have to ensure the needs and wants of their customers are satisfied by providing suitable products, distributed in the most appropriate places to ensure customer have ease of access to them, ensure adequate awareness and desire to purchase the products through effective promotion, and determine suitable prices to sell their products.</p><p><span style="font-family:arial,helvetica,sans-serif;">The marketing of services, developed by Bernard H. Booms and Mary J. Bitner (1981), includes <u>three</u> additional elements to the marketing mix: <a href="../44758/455-people-1.html" title="New syllabus 2022 » Unit 4 - Marketing » 4.5 The seven Ps of the marketing mix » 4.5.5 People">people</a>, <a href="../44773/456-processes-1.html" title="New syllabus 2022 » Unit 4 - Marketing » 4.5 The seven Ps of the marketing mix » 4.5.6 Processes">process</a>, and <a href="../44774/457-physical-evidence-1.html" title="New syllabus 2022 » Unit 4 - Marketing » 4.5 The seven Ps of the marketing mix » 4.5.7 Physical evidence">physical evidence</a>.</span></p><ul class="branded"><li><p><em>Product </em>– a <span style="font-family:arial,helvetica,sans-serif;">physical good or an intangible service that is provided by a business.</span></p></li><li><p><em>Price </em>– <span style="font-family:arial,helvetica,sans-serif;"> the value of a good or service that is paid for by the customer</span>.</p></li><li><p><em>Promotion </em>– marketing processes used to inform customers about a product and persuade them to buy the product.</p></li><li><p><em>Place </em>– the plans and processes of getting the right products to the right customers at the right time.</p></li><li><p><em>People </em>– the importance of employee-customer relationships in the marketing of a service.</p></li><li><p><em>Processes </em>– the importance of delivery processes in the marketing of a service.</p></li><li><p><em>Physical evidence</em> – the importance of tangible physical evidence in the marketing of a service.</p></li></ul><p>The marketing mix refers to all the marketing activities that have a direct or indirect influence on whether a customer decides to buy a particular good or pay for a certain service. It also impacts whether the experience that customers have, thereby determining whether they will return to buy the product again.</p><p>An effective marketing mix, be it the traditional 4 Ps for the marketing of goods or the 7 Ps for the marketing of services, helps to ensure that a business meets the needs of their customers. Getting the marketing mix right requires an integrated approach, i.e., all elements of the 7 Ps are complementary (work together) and consistent (reinforce each other). This means the business produces the right product, sells it for the right price, informatively and persuasively communicates the product through the right methods of promotion, and has the product conveniently available at the right place for customers. In addition, the people are appropriate trained in delivering a service, with the right processes to provide quality service, and tangible physical evidence to ensure customer satisfaction.</p><p><img alt="" src="../../../ib/businessmanagement/images/7-ps.jpg" style="width: 350px; height: 303px;"></p><p><span style="color:#696969;"><em>The marketing mix is an integrated approach to meet the needs and wants of customers</em></span></p><p>For example, a 5-star hotel with its attractive physical environment (physical evidence) will not meet the needs and wants of customers if there is poor customer service and long delays at the check-in counter. In this case, the people and process elements of the marketing mix do not match the price and physical evidence components of the marketing mix. Similarly, people would not be willing to pay high prices for fast food in a food court of a shopping mall because the price, physical evidence, and product aspects of the marketing mix do not match.</p><p>Essentially, the different elements of the marketing mix (4 Ps for goods or 7 Ps for services) must complement each other. The marketing strategies behind the 4 Ps or 7 Ps must also work to reinforce the brand value of the product and/or the business.</p><div class="box"><p>In summary:</p><ul class="branded"><li><p>All elements in the marketing mix must be effectively executed in order a business to succeed. An outstanding product that is not promoted well or is incorrectly priced or poorly distributed will fail to sell well.</p></li><li><p>Measures of the effectiveness of a marketing mix include the impact on sales revenues, brand recognition, customer loyalty, market share, and profits.</p></li><li><p>An effective marketing mix enables a business to achieve its marketing objectives, e.g., increased market share, better product positioning, and improved consumer satisfaction.</p></li></ul></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-briefcase fa-lg" style="color: rgb(61, 30, 128);"> </span> Business Management Toolkit - SWOT analysis</span></span></h5><p>Explain how a <a href="../../task/399696.html" title="New syllabus (first teaching 2022) » Business Management Toolkit (BMT) » BMT 1 - SWOT analysis">SWOT analysis</a> can support the formation of an improved marketing strategy.</p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-briefcase fa-lg" style="color: rgb(61, 30, 128);"> </span> Business Management Toolkit<span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"> - Ansoff matrix</span></span></span></span></h5><p>Discuss the importance of understanding <a href="../../task/399697.html" title="New syllabus (first teaching 2022) » Business Management Toolkit (BMT) » BMT 2 - Ansoff matrix">Ansoff's matrix</a> when developing an appropriate marketing mix for a product or a business organization.</p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-briefcase fa-lg" style="color: rgb(61, 30, 128);"> </span> Business Management Toolkit<span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"> - The Boston Consulting Group matrix</span></span></span></span></h5><p>Discuss how knowledge of the product portfolio analysis and the <a href="../42577/bmt-4-boston-consulting-group-matrix.html" title="New syllabus 2022 » Business Management Toolkit (BMT) » BMT 4 - Boston Consulting Group matrix">Boston Consulting Group matrix</a> can support marketing managers to develop appropriate marketing mixes.</p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-briefcase fa-lg" style="color: rgb(61, 30, 128);"> </span> Business Management Toolkit<span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"> - STEEPLE analysis</span></span></span></span></h5><p>Discuss the importance of understanding the external environment when developing an appropriate marketing mix for a product or a business.</p><p>You may find it useful to refer to <a href="../44027/bmt-3-steeple-analysis.html" title="New syllabus 2022 » Business Management Toolkit (BMT) » BMT 3 - STEEPLE analysis">STEEPLE analysis</a> prior to answering this question.</p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-check-square-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Key concept - Ethics</span></span></h5><p>Using real-world examples, discuss the ethical considerations that may influence marketing practices and strategies in business organizations.</p><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="content" readonly="false"><p><span style="color:#FF0000;">Possible ethical considerations could include a discussion of:</span></p><p><span style="color:#FF0000;"></span></p><ul class="branded"><li><p><span style="color:#FF0000;"></span></p></li><li><p><span style="color:#FF0000;">Marketing ethics are the moral aspects of a firm’s marketing practices and strategies. Unethical marketing happens when moral codes of practice are ignored or when marketing activities (such as market research or advertising campaigns) cause offence to the public.</span></p></li><li><p><span style="color:#FF0000;">Marketing practices and strategies that ignore ethical considerations are likely to result in negative consequences for a business, e.g., customer complaints, damaged corporate image and a public relations disaster.</span></p></li><li><p><span style="color:#FF0000;">The use of unethical marketing, deliberate or unintentional, is a high-risk strategy that can backfire. With the widespread use of social media and social networks, bad publicity is not necessarily better than no publicity for a business.</span></p></li></ul><p><span style="color:#FF0000;">Examples of unethical marketing practices and strategies include the following:</span></p><ul class="branded"><li><p><span style="color:#FF0000;"><em>Bait and switch </em>- marketing methods aimed at luring customers by using advertising deals that are just too good to be true (the bait) who become hooked but find that the product is no longer available so end up buying a more expensive alternative (the switch).</span></p></li><li><p><span style="color:#FF0000;"><em>advertising claims</em> - using unproven or untested claims that can mislead and deceive the public, e.g., promoting health benefits and medical cures from the consumption of certain uncertified products.</span></p></li><li><p><span style="color:#FF0000;"><em>Product misrepresentation </em>- giving misleading and ambiguous information to customers in order to persuade them to pay for certain goods or services, e.g., inaccurate product descriptions.</span></p></li><li><p><span style="color:#FF0000;"><em>Pester power</em> - using children to pressurise their parents to buy certain products, e.g., toys, sweets (candy), fast food, sportswear and mobile apps.</span></p></li></ul></div></section></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(61, 30, 128);"> </span> ATL Activity 1 (Communication skills)</span></span></h5><p>In groups of 2 or 3, and with reference to the 7Ps of the marketing mix, recommend an appropriate marketing mix for any <strong>two </strong>of the following products or businesses. Compare and contrast the various elements of the marketing mix for your two chosen products. Be prepared to present your recommendations to your teacher and the rest of the class.</p><div class="row-fluid"><div class="span6 col-left"><div><ul class="branded"><li><p>Premier bank services for high-income clients</p></li><li><p>Bottled water sold in supermarkets</p></li><li><p>Ford Mustang sports car</p></li><li><p>Samsung smartphones</p></li></ul></div></div><div class="span6"><div><ul class="branded"><li><p>Michelin star restaurant</p></li><li><p>Family holiday to Bali, Indonesia</p></li><li><p>Rolex watches</p></li><li><p>The IB World School you attend</p></li></ul></div></div></div></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-lightbulb-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Top tip!</span></span></h5><p>Marketing is an integrated topic and the <a href="../44720/45-the-seven-ps-of-the-marketing-mix.html" title="New syllabus 2022 » Unit 4 - Marketing » 4.5 The seven Ps of the marketing mix">7Ps of the marketing mix</a> is often assessed in the exams. Be prepared to consider <em>any </em>combination of the 7Ps if asked to discuss the factors that influence the marketing mix for a product or a business organization.</p></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(61, 30, 128);"> </span> ATL Activity 2 - The Brands We Love</span></span></h5><p><img alt="" height="311" src="../../../ib/businessmanagement/images/cesc-concepts/brandswelove.jpg" width="550"></p><p>Whilst this activity works really well on Valentine's Day, it can equally work well on other days of the year.</p><ol><li><p>Research three brands that you love. Choose these from different markets or industries.</p></li><li><p>Find out some interesting facts/data/information about these brands.</p></li><li><p>For one of your chosen loved brands, outline: (i) when the brand was established, (ii) who their main competitors are, and (iii) what you love about these brands. Present your findings as creatively as possible, using the heart templates (or create your own). However, do not include the name of the brand (logos or slogans are fine).</p></li><li><p>Once completed, the class can do a gallery walk around the classroom to see how many of these loved brands can be correctly identified.</p></li><li><p>For the remaining two loved brands, design suitable social media adverts to show the rest of the class.</p></li></ol><p>Here's an example of the work created by students at English Talents School in Amman, Jordan. Many thanks to their teacher, <strong>Luna Hroub</strong>, for sharing the wonderful posters that were created.</p><p><img alt="" src="../../../ib/businessmanagement/images/one-use/the-brands-we-love.jpg" style="width: 600px; height: 338px;"><br> </p><hr class="hidden"><p>Teachers can download a PDF version of this activity in the box below.</p><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="header" readonly="true"><div readonly="true" style="background: #ddd; margin: 20px 0; width: 100%;"><iframe frameborder="0" scrolling="no" src="../../../media/ib/businessmanagement/files/4-marketing/atl-activity---the-brands-we-love.pdf.html" style="width: 100%; height: 480px;"></iframe></div></div></section></div><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(61, 30, 128);"> </span>ATL Activity 3 - The market for bottled fresh air</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">Read this <a href="http://www.scmp.com/news/china/society/article/2050086/fresh-air-bottle-chinas-smog-hit-population-buy-idea-it-seems?utm_content=buffera173b&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer">article</a> from the <em>South China Morning Post </em>about bottled fresh air from New Zealand being sold in China. The article also includes a short YouTube video about this story. Discuss the various elements of the marketing mix featured in the video.</span></p><p><span style="font-family:arial,helvetica,sans-serif;"></span></p><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">Matt Haig, author of <em>Brand Failures</em>, claims that there is only a <span style="color:#FF0000;"><strong>1 in 10</strong> </span>chance of a product becoming a long-term success. Discuss how the marketing mix for such products could have been improved.</span></p></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>Review Quiz - Marketing mix vocabulary</strong></p></div></div><div class="panel-body"><div><p>To test your understanding of the terminology used in this section of the syllabus, identify the key term from the definitions provided below.</p><table><tbody><tr><td><strong>No.</strong></td><td><strong>Definition</strong></td><td><strong>Key term</strong></td></tr><tr><td>1.</td><td>How much the business is selling its product for, the value of which is paid by customers.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Price</span></p></section></td></tr><tr><td>2.</td><td>The methods of distributing products to customers, such as using wholesalers, retailers, e-commerce, franchise distribution (incensing), and vending machines.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Place</span></p></section></td></tr><tr><td>3.</td><td>The tangible aspects of a service which influence customer perceptions about the service, e.g. the appearance and cleanliness of the building (such as a bank, restaurant, or hotel).</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Physical evidence</span></p></section></td></tr><tr><td>4.</td><td>The operational aspects of a service, i.e., the steps and actions that a business takes to deliver its services to customers, such as queueing and payment systems.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Process</span></p></section></td></tr><tr><td>5.</td><td>The methods used to ensure customers know about a firm’s product and are influenced or persuaded to pay for it.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Promotion</span></p></section></td></tr><tr><td>6.</td><td>This refers to what the business is selling, i.e., the goods and/or services.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Product</span></p></section></td></tr><tr><td>7.</td><td>This refers to the quality of the human interactions that customers have with a service.</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">People</span></p></section></td></tr></tbody></table></div></div><div class="panel-footer"><div></div></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple"><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>Exam Practice Question - Barbie</strong></p></div></div><div class="panel-body"><div><p><img alt="" src="../../../ib/businessmanagement/images/exams/exams5.jpg" style="width: 300px; height: 200px;"></p><p>Toymaker <em>Mattel</em> launched the <em>Barbie </em>doll back in 1959. Barbiemania hit the world in July 2023 with the release of the widely marketed fantasy comedy film <em>Barbie</em> movie, produced by <em>Warner Bros</em>. More than 100 brands were part of the marketing hype, reaching all kinds of demographics, prior to the movie’s official release. Some of the larger collaborators included Airbnb, Burger King, Crocs, Gap, Google, Xbox, and Zara. In addition, <em>Mattel’s</em> strategic investment in <strong>intellectual property (IP)</strong> licensing deals resulted in increased sales and profits. <em>Mattel </em>earns between 10% to 20% from these licensing deals, or what the company calls “brand partnerships”.</p><p><em>Mattel’s</em> global head of <em>Barbie</em>, Lisa McKnight, said the brand had one goal for the year: make sure <em>Barbie</em> is “everywhere.” The <em>Barbie</em> marketing strategy, backed by a marketing budget of $100 million, included product tie-ins and viral social media marketing to create a buzz and collaborations beyond traditional movie promotions. Part of the appeal was how many people resonated with the escapism that the movie offered in a post-COVID world. The campaign also involved lead actor Margot Robbie and director Greta Gerwig embarking on a world promotional tour.</p><p>Overall, the <em>Barbie</em> marketing strategy generated excitement and customer engagement in world cluttered with advertising. The movie, along with the array of merchandising, is part of <em>Mattel’s </em>corporate strategy to expand the <em>Barbie </em>world beyond dolls and toys, in a similar way to <em>Disney’s </em>monetization of the <em>Marvel </em>franchise<em>.</em> The <em>Barbie </em>movie grossed over $377 million in its first weekend. The <em>Barbie</em> doll remains the best-selling toy of all time, with over a billion dolls sold since its launch over 60 years ago.</p><table border="0" cellpadding="0" cellspacing="0" width="952"><colgroup><col width="50"><col width="810"><col width="92"></colgroup><tbody><tr height="19"><td class="xl65" height="19" style="height:14.6pt;width:38pt" width="50"><span lang="EN-GB">(a)</span></td><td class="xl63" style="width:608pt" width="810">Define the term <em>intellectual property</em> (IP).</td><td class="xl64" style="width:69pt" width="92"><em>[2 marks]</em></td></tr><tr height="19"><td class="xl65" height="19" style="height:14.6pt"><span lang="EN-GB">(b)</span></td><td class="xl63">Explain <strong>one </strong>benefit of using social media marketing (SMM) as a promotional strategy for <em>Mattel</em>.</td><td class="xl64"><em>[2 marks]</em></td></tr><tr height="19"><td class="xl65" height="19" style="height:14.6pt"><span lang="EN-GB">(c)</span></td><td class="xl63">Explain <strong>one </strong>way in which <em>Mattel </em>differentiates itself and its products from competitors.</td><td class="xl64"><em>[2 marks]</em></td></tr><tr height="19"><td class="xl65" height="19" style="height:14.6pt"><span lang="EN-GB">(d)</span></td><td class="xl63">Explain <strong>two </strong>benefits of businesses collaborating with <em>Mattel </em>as part of its marketing strategy for the <em>Barbie </em>movie.</td><td class="xl64"><em>[4 marks]</em></td></tr></tbody></table><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</div><p><strong>Note to teachers </strong></p><p>Question (a) refers to <strong>intellectual property</strong>, which is a HL-only topic. However, do note that all students (including SL ones) are expected to know and understand the <a href="https://www.thinkib.net/businessmanagement/page/44560/types-of-intangible-assets" title="Unit 3 - Finance » 3.4 Final accounts » Types of intangible assets">different types of intangible assets</a> (AO2) in Unit 3.4. These are collectively referred to as intellectual property (IP).</p><p>For SL students, you may choose to change Question (a) to <strong>brands </strong>(which appears in the third sentence of the case study). You can click on the icon to see the answer for this alternative question.</p><p>(a) Define the term <em>brands</em>. <em>[2 marks]</em></p><div class="content" readonly="false"><section class="tib-hiddenbox"><p>Answer (for SL students)</p><p>(a) Define the term <em>brands</em>. <em>[2 marks]</em></p><p><span style="color:#FF0000;">The term "brands" refers to distinctive and exclusive names, symbols, or logos associated with products or organizations. Brands are used to distinguish and differentiate a firm or its products from others in the market, creating a recognizable and memorable image that resonates with consumers.</span><span style="color:#FF0000;"></span></p><p><span style="color:#FF0000;">Award<em> [1 mark]</em> for a definition that shows partial understanding of the term brands.</span></p><p><span style="color:#FF0000;">Award <em>[2 marks]</em> for a definition that shows good understanding of the term brands, similar to the example above.</span></p></section><hr class="hidden"><p><span style="color:#FF0000;"><strong>Answers</strong></span></p><p>(a) Define the term <em>intellectual property</em> (IP). <em>[2 marks]</em></p><p><span style="color:#FF0000;">Intellectual property (IP) refers to the intangible assets of a business through its creativity and capital expenditure. It encompasses a wide range of intangible assets, such as inventions, innovations, designs, artistic works, symbols, slogans, images, and proprietary knowledge that are products of human creativity and intelligence.</span></p><p><span style="color:#FF0000;">Award<em> [1 mark]</em> for a definition that shows partial understanding of the term intellectual property.</span></p><p><span style="color:#FF0000;">Award <em>[2 marks]</em> for a definition that shows good understanding of the term <span style="color:#FF0000;"> intellectual property</span>, similar to the example above.</span></p><hr class="hidden"><p>(b) Explain <strong>one </strong>benefit of using social media marketing (SMM) as a promotional strategy for <em>Mattel</em>. <em>[2 marks]</em></p><p><span style="color:#FF0000;">P</span><span style="color:#FF0000;">ossible answers include an explanation of any one of the following:</span></p><ul class="branded"><li><p><span style="color:#FF0000;">SMM has a wide reach - Social media platforms have a broad user base, allowing the <em>Barbie </em>marketing team to reach a large and diverse audience across different demographics. This helps to ensure that the promotional messages reach the right people who were more likely to be interested in the <em>Barbie </em>movie and associated products.</span></p></li><li><p><span style="color:#FF0000;">SMM has potential to go viral - The use of engaging and shareable content related to the <em>Barbie </em>movie, such as movie trailers, behind-the-scenes footage, and interactive posts on various social media platforms, help to encourage users to share and spread the brand content with their social networks. This word-of-mouth marketing helps to amplify the reach of the <em>Barbie </em>campaign and to generate additional marketing buzz around the movie.</span></p></li><li><p><span style="color:#FF0000;">SMM facilitates real-time interaction and customer engagement - Social media platforms facilitate real-time interaction between brands and their audience. The <em>Barbie </em>marketing strategy leveraged this feature by engaging with fans, especially with the world tour to promote the movie. This high level of engagement created a sense of involvement and emotional connection with the Barbie brand, fostering brand loyalty and advocacy.</span></p></li><li><p><span style="color:#FF0000;"><em>Accept any other relevant benefit that is explained in the context of the case study.</em></span></p></li></ul><p><span style="color:#FF0000;">Award<em> [1 mark]</em> for a valid benefit and a further <em>[1 mark] </em>for a suitable explanation, written in the context of the case study.</span></p><hr class="hidden"><p>(c) Explain <strong>one </strong>way in which <em>Mattel </em>differentiates itself and its products from competitors. <em>[2 marks]</em></p><p><span style="color:#FF0000;">P</span><span style="color:#FF0000;">ossible answers include an explanation of any one of the following:</span></p><ul class="branded"><li><p><span style="color:#FF0000;">Strategic brand partnerships and collaborations - <em>Mattel </em>has set itself apart from its competitors by establishing licensing agreements with over 100 brands, including well-known names from Airbnb to Zara in order to expand the reach and appeal of its <em>Barbie </em>products. These collaborations go beyond traditional movie promotions, allowing <em>Mattel </em>to leverage the popularity and credibility of these partner brands to create cross-promotional campaigns.</span></p></li><li><p><span style="color:#FF0000;">Multi-platform marketing: The <em>Barbie </em>marketing strategy uses a multi-platform approach, combining product tie-ins, viral social media marketing (SMM), and traditional movie promotions. This comprehensive marketing mix enables <em>Mattel </em>to create a buzz and engage with customers on various levels. By leveraging social media platforms, for example, <em>Mattel</em> ensures that the marketing message reaches a wide and diverse audience..</span></p></li><li><p><span style="color:#FF0000;">Expanding the brand beyond dolls and toys - <em>Mattel's</em> corporate strategy involves expanding the <em>Barbie </em>brand beyond dolls and toys. This diversification strategy allows <em>Mattel </em>to capitalize on the strong brand recognition, value, and recognition of <em>Barbie</em> to enter new product categories and markets. By doing so, <em>Mattel</em> would differentiate itself from competitors who may have a much narrower product focus.</span></p></li><li><p><span style="color:#FF0000;">Emotional appeal and escapism - The <em>Barbie</em> marketing campaign taps into the emotional appeal of escapism, especially in a post-COVID world. By emphasizing the movie's ability to offer a form of escapism and leveraging lead actor Margot Robbie and director Greta Gerwig for promotional activities, Mattel creates an emotional connection with audiences and customers from across the world. This approach sets <em>Barbie</em> apart by resonating with customers who seek entertainment and distraction from the challenges of reality.</span></p></li><li><p><span style="color:#FF0000;"><em>Accept any other relevant method that is explained in the context of the case study.</em></span></p></li></ul><p><span style="color:#FF0000;">Award<em> [1 mark]</em> for a valid way or method by which <em>Mattel </em>differentiates itself and a further <em>[1 mark] </em>for a suitable explanation, written in the context of the case study.</span></p><hr class="hidden"><p>(d) Explain <strong>two </strong>benefits of businesses collaborating with <em>Mattel </em>as part of its marketing strategy for the <em>Barbie</em> movie. <em>[4 marks]</em></p><p><span style="color:#FF0000;">P</span><span style="color:#FF0000;">ossible answers include an explanation of any two of the following interrelated points:</span><span style="color:#FF0000;"></span></p><ul class="branded"><li><p><span style="color:#FF0000;">Expanded customer reach and brand exposure - Collaborating with <em>Mattel </em>as part of the <em>Barbie </em>movie marketing strategy offers businesses the opportunity to tap into <em>Barbie's</em> extensive and di</span><span style="color:#FF0000;">verse audience. With the <em>Barbie </em>brand having a global presence and a rich history spanning over six decades, businesses can benefit from increased reach and exposure to various demographics and markets. This extended visibility can hel</span><span style="color:#FF0000;">p to improve </span><span style="color:#FF0000;">brand recognition and potentially attract new customers to their products.</span></p></li><li><p><span style="color:#FF0000;">Leveraging <em>Barbie's</em> brand value - As the best-selling toy of all time, the <em>Barbie </em>brand carries substantial brand value and the trust of customers. By associating themselves with <em>Barbie </em>through strategic collaborations, partner businesses can leverage this positive brand image in order to enhance their own corporate reputation. Being associated with a beloved and iconic brand like <em>Barbie </em>can positively impact the perception of their own products, leading to increased sales and profits.</span></p></li><li><p><span style="color:#FF0000;">Cross-promotional opportunities - Collaborating with <em>Mattel </em>provides businesses with the opportunity to engage in cross-promotional activities. By aligning their products with the <em>Barbie </em>movie and merchandise, businesses such as Burger King and Crocs can tap into the excitement and hype surrounding the film's release. This cross-promotion can lead to mutual benefits, where the marketing efforts of both <em>Mattel </em>and the collaborating businesses reinforce each other, resulting in greater visibility and consumer interest.</span></p></li><li><p><span style="color:#FF0000;">Access to <em>Mattel's</em> intellectual property (IP) licensing - Businesses collaborating with <em>Mattel </em>are allowed to incorporate aspects of the company's characters and themes from the <em>Barbie</em> movie into their own products or marketing campaigns. The association with <em>Barbie</em> can enhance the appeal of their own product offerings, potentially leading to increased sales and market competitiveness.</span></p></li><li><p><span style="color:#FF0000;">Creative and innovative marketing - The <em>Barbie </em>marketing strategy for the movie involved a broad range of elements, including product tie-ins, viral social media marketing, and brand partners. By collaborating with <em>Mattel</em>, businesses can be part of these creative and innovative marketing campaigns. This collaboration can help to inject new ideas and creativity into their own marketing mix, helping them to also stand out in a competitive market and capture the attention of their target audience.</span></p></li><li><p><span style="color:#FF0000;">Enhancing customer engagement - The <em>Barbie </em>marketing strategy generated much excitement and customer engagement across the globe. By collaborating with <em>Mattel</em>, businesses can benefit from this level of enthusiasm and emotional connection that consumers have with the <em>Barbie</em> brand. Engaging in joint promotional activities can also create a sense of involvement and interest amongst customers, leading to higher levels of engagement and brand loyalty.</span></p></li></ul><p><span style="color:#FF0000;"><em>Mark as a 2 + 2.</em></span></p><p><span style="color:#FF0000;">For each point, award<em> [1 mark]</em> for a valid benefit and a further <em>[1 mark] </em>for a suitable explanation, written in the context of the case study, up to the maximum of <em>[4 marks].</em></span></p></div></section></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>The marketing mix - Review questions</strong></p></div></div><div class="panel-body"><div><p>To test your understanding of the various components of the marketing mix, have a go at these review questions.</p><div class="tib-quiz" data-quiz-id="3180" data-structure="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" data-score-answers="6d4a526a457a48584f763758344a7649472f76324c53614b78524c393439595570496d5a5971374b38686f3d"><p> </p><div class="exercise"><div class="q-question"><p>Which term is used to describe the way a business combines the main marketing elements to sell products that meet the needs and wants of customers?</p></div><div class="q-answer"><p><label class="radio" data-answer="0f19d1fe1c443741051e8217571685a1"><input type="radio"><span> Marketing planning</span></label></p><p><label class="radio" data-answer="a40cfd46fe9aca758ff778e7d21bf227"><input type="radio"><span> Marketing objectives</span></label></p><p><label class="radio" data-answer="37f7e2c7b4b8fd0fd4182a82961b4391"><input type="radio"><span> Commercial marketing</span></label></p><p><label class="radio" data-answer="57a4ae0c12145d0bd4666aaa14a552bb"><input type="radio"><span> The marketing mix</span></label></p></div><div class="q-explanation"><p>The marketing mix consists of the key elements used to sell products to meet the needs and wants of customers. There are 4 elements used to sell goods: product, price, place and promotion. An additional 3 Ps are used to sell services: physical evidence, people and processes.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Which of the traditional 4Ps of marketing concerns the various channels (methods) a business uses to distribute its products?</p></div><div class="q-answer"><p><label class="radio" data-answer="7b9cf007806ed854cd12ab800c8a982b"><input type="radio"><span> Place</span></label></p><p><label class="radio" data-answer="3601146c4e948c32b6424d2c0a7f0118"><input type="radio"><span> Price</span></label></p><p><label class="radio" data-answer="deb10517653c255364175796ace3553f"><input type="radio"><span> Product</span></label></p><p><label class="radio" data-answer="626a54d37d402d449d6d7541911e0952"><input type="radio"><span> Promotion</span></label></p></div><div class="q-explanation"><p>Place in the marketing mix refers to distribution, i.e. how products get to their customers, e.g. retailers, wholesalers, agents and vending machines. Hence, the correct answer is place.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>If a business strives to meet the needs and wants of customers by delivering a higher quality service, which element of the marketing mix will it focus on?</p></div><div class="q-answer"><p><label class="radio" data-answer="7b9cf007806ed854cd12ab800c8a982b"><input type="radio"><span> Place</span></label></p><p><label class="radio" data-answer="deb10517653c255364175796ace3553f"><input type="radio"><span> Product</span></label></p><p><label class="radio" data-answer="3601146c4e948c32b6424d2c0a7f0118"><input type="radio"><span> Price</span></label></p><p><label class="radio" data-answer="626a54d37d402d449d6d7541911e0952"><input type="radio"><span> Promotion</span></label></p></div><div class="q-explanation"><p>A ‘Product’ can refer to both goods and services. In an attempt to better meet the needs and wants of customers by delivering a higher quality service, the business focuses on improving its product. Hence, the correct answer is product.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>If a business wants to build customer awareness of the features and benefits of its products, which element of the marketing mix is it most likely to focus on?</p></div><div class="q-answer"><p><label class="radio" data-answer="3601146c4e948c32b6424d2c0a7f0118"><input type="radio"><span> Price</span></label></p><p><label class="radio" data-answer="deb10517653c255364175796ace3553f"><input type="radio"><span> Product</span></label></p><p><label class="radio" data-answer="7b9cf007806ed854cd12ab800c8a982b"><input type="radio"><span> Place</span></label></p><p><label class="radio" data-answer="626a54d37d402d449d6d7541911e0952"><input type="radio"><span> Promotion</span></label></p></div><div class="q-explanation"><p>Promotion is used to communicate the benefits of a particular product. Hence, if a business wants to raise customer awareness of the features and the benefits of its products, it focuses on promotion in the marketing mix. Therefore, the correct answer is promotion.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>What is the use of a name, symbol or design to identify a particular product known as?</p></div><div class="q-answer"><p><label class="radio" data-answer="99ffe35d4f661650022ff61c3fc39679"><input type="radio"><span> Branding</span></label></p><p><label class="radio" data-answer="6016a2b341113bf496b719905398ecd2"><input type="radio"><span> Copyright</span></label></p><p><label class="radio" data-answer="626a54d37d402d449d6d7541911e0952"><input type="radio"><span> Promotion</span></label></p><p><label class="radio" data-answer="2ce5fc289845ce826261032b9c6749ea"><input type="radio"><span> Advertising</span></label></p></div><div class="q-explanation"><p>Branding is a type of intellectual property rights (IPRs) used by businesses to distinguish their products from rival ones. Brands can be in the form of a name (e.g. the Nike brand name), symbol (e.g. the Apple logo) or design (e.g. the Coca-Cola glass bottle) used to identify a particular product.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Which of the following products does not feature in the Boston Consulting Group Matrix?</p></div><div class="q-answer"><p><label class="radio" data-answer="254040b86074273864cdc6e8dc8a847b"><input type="radio"><span> Cash cows</span></label></p><p><label class="radio" data-answer="0fdf38d25075aea408c77440a9dd6e6a"><input type="radio"><span> Question marks</span></label></p><p><label class="radio" data-answer="2302193c86423f57568565b047872026"><input type="radio"><span> Premium brands</span></label></p><p><label class="radio" data-answer="1ec0aec1cdccfcaa6df8e07b40d3e664"><input type="radio"><span> Dogs</span></label></p></div><div class="q-explanation"><p>Premium brands are those that are able to charge a higher than average (market) price. These do not feature in the BCG Matrix, which is used to assess a firm’s product portfolio. Cash cows are products in low growth (mature) markets with high market share; Dogs are at the end of their life cycle with declining market share; Question marks are new products that have yet to establish themselves in the market.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>What are cash cows?</p></div><div class="q-answer"><p><label class="radio" data-answer="7d2055491dbaa3287da5747270c08cfe"><input type="radio"><span> Products sold in several quite distinct markets</span></label></p><p><label class="radio" data-answer="c77a27ea759059453c4793a27731e692"><input type="radio"><span> The range of products sold by a business</span></label></p><p><label class="radio" data-answer="0a1201ebbdf1727ed7325606ff0fcb53"><input type="radio"><span> Products with a short product life cycle</span></label></p><p><label class="radio" data-answer="2f2b5d1552bd23c78ccdabf7f6941082"><input type="radio"><span> Products that support investment in new products</span></label></p></div><div class="q-explanation"><p>Cash cows are the main generators of cash and profit, so are used to support investment in new products (rising stars - products that are potentially very profitable but which need large investment). Hence, the correct answer is products that support investment in new products.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Which term describes the way in which firms try to create differences between their products and those of competitors known as?</p></div><div class="q-answer"><p><label class="radio" data-answer="680a815d13c88b247d0ddcccc3620001"><input type="radio"><span> Product mix</span></label></p><p><label class="radio" data-answer="66cf160f71a522919e771655ef155908"><input type="radio"><span> Product differentiation</span></label></p><p><label class="radio" data-answer="626a54d37d402d449d6d7541911e0952"><input type="radio"><span> Promotion</span></label></p><p><label class="radio" data-answer="99ffe35d4f661650022ff61c3fc39679"><input type="radio"><span> Branding</span></label></p></div><div class="q-explanation"><p>Product differentiation can come in many forms, e.g. colour, size and design. The correct answer is therefore product differentiation. Branding is an example of product differentiation. Promotion can be used to communicate how the product is different from its rivals or substitutes.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Which term is described as a combination of a name, symbol, design and other factors that identifies a firm’s product?</p></div><div class="q-answer"><p><label class="radio" data-answer="66cf160f71a522919e771655ef155908"><input type="radio"><span> Product differentiation</span></label></p><p><label class="radio" data-answer="1831de1a3527a7e77fea02b6cf399f32"><input type="radio"><span> Unique selling point</span></label></p><p><label class="radio" data-answer="1be6f9eb563f3bf85c78b4219bf09de9"><input type="radio"><span> Brand</span></label></p><p><label class="radio" data-answer="88b498feb28dca191eb663c6e31814d4"><input type="radio"><span> Market segment</span></label></p></div><div class="q-explanation"><p>A brand can come in various forms, including a name (e.g. Adidas), symbol (e.g. Nike’s ‘Swoosh’), design (e.g. the classic Coca-Cola bottle) and other factors such as slogan (e.g. McDonald’s “I’m lovin’ it”).</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Trialling a new product in a limited geographical area or with a small group of customers is known as...</p></div><div class="q-answer"><p><label class="radio" data-answer="880e0be9b2cac8d06f8b437c98495b96"><input type="radio"><span> Market research</span></label></p><p><label class="radio" data-answer="52015150824b1d94b6b1ee1d94f9072a"><input type="radio"><span> Test marketing</span></label></p><p><label class="radio" data-answer="3a13620084a7beabde712e81a08c7c0d"><input type="radio"><span> Geographical segmentation</span></label></p><p><label class="radio" data-answer="e39ec6697840cefe39f3d37901a2784a"><input type="radio"><span> Customer profiling</span></label></p></div><div class="q-explanation"><p>Test marketing is used to trial a new product with a select target audience, prior to a national launch. If the target audience is representative of consumers in the economy, then the test marketing allows the firm to refine its marketing strategy for the larger scale, national launch of the new product.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>The use of promotional media such as television where a business does not have any direct control is known as</p></div><div class="q-answer"><p><label class="radio" data-answer="37f7e2c7b4b8fd0fd4182a82961b4391"><input type="radio"><span> Commercial marketing</span></label></p><p><label class="radio" data-answer="bfaa70d0fc8b505a55abac3f3551e82d"><input type="radio"><span> Social media marketing</span></label></p><p><label class="radio" data-answer="de0cc8aec85022bbc240ed6720ade4ba"><input type="radio"><span> Viral marketing</span></label></p><p><label class="radio" data-answer="81d796275ab6cb5453dfa9a205d84915"><input type="radio"><span> Above-the-line marketing</span></label></p></div><div class="q-explanation"><p>Television advertising is one of the most common forms of above-the-line (ATL) marketing. In practice, businesses do not have any direct control over ATL marketing, e.g. if McDonald’s pays for a television advert, it does not necessarily know or cannot prevent the broadcaster from screening adverts from its rivals during the same advertising slot.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Burger King runs a nationwide competition in their stores with instant prizes on offer, ranging from free burgers to cash prizes. What is this an example of?</p></div><div class="q-answer"><p><label class="radio" data-answer="7f5119c3842b8075bd9c166063fab0d3"><input type="radio"><span> Direct selling</span></label></p><p><label class="radio" data-answer="3b2dd6e673fa4b3fb7f30be8a016d14a"><input type="radio"><span> Sales promotion</span></label></p><p><label class="radio" data-answer="78a712ece38ffe2c40725bcf5730a0c6"><input type="radio"><span> Guerrilla marketing</span></label></p><p><label class="radio" data-answer="149d035e4f322e2293d9f7dc833197b7"><input type="radio"><span> Public relations</span></label></p></div><div class="q-explanation"><p>Sales promotion is part of the promotional mix, involving marketing tactics used to periodically boost or stimulate demand. Sales promotions such as cash prizes and free food at Burger King help to attract new customers, rejuvenate demand from existing customers and to counteract competition. Sales promotions such as free prizes are rarely sustainable marketing strategies.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>According to the Boston Consulting Group Matrix what is the name given to products that are potentially very profitable but which may need large sums of investment?</p></div><div class="q-answer"><p><label class="radio" data-answer="d37c550d781bfb93b0088a2470598bcf"><input type="radio"><span> Stars</span></label></p><p><label class="radio" data-answer="254040b86074273864cdc6e8dc8a847b"><input type="radio"><span> Cash cows</span></label></p><p><label class="radio" data-answer="09b8eefd8a59bcc1d3677aeda2f842fc"><input type="radio"><span> Loss-leaders</span></label></p><p><label class="radio" data-answer="1ec0aec1cdccfcaa6df8e07b40d3e664"><input type="radio"><span> Dogs</span></label></p></div><div class="q-explanation"><p>Stars are products that have high market share in fast growing markets. The correct answer is therefore stars. Businesses hope to turn stars into cash cows (products with high market share in mature, low-growth markets). To do so may require large sums of investment.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Which of the following is not part of the promotional mix?</p></div><div class="q-answer"><p><label class="radio" data-answer="b50fbfeaa5c153736df127686b8e899f"><input type="radio"><span> Personal selling</span></label></p><p><label class="radio" data-answer="880e0be9b2cac8d06f8b437c98495b96"><input type="radio"><span> Market research</span></label></p><p><label class="radio" data-answer="3b2dd6e673fa4b3fb7f30be8a016d14a"><input type="radio"><span> Sales promotion</span></label></p><p><label class="radio" data-answer="f1b4b894b933202791d1939308ba1a18"><input type="radio"><span> Direct marketing</span></label></p></div><div class="q-explanation"><p>Market research is a prerequisite to devising an effective promotional mix. The promotional mix consists of sales promotion, advertising, personal selling, direct marketing and public relations. Collectively, these five components of the promotional mix work to inform and remind customers about a firm’s products and to persuade them to make a purchase.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Which of the following is an example of above-the-line promotion?</p></div><div class="q-answer"><p><label class="radio" data-answer="d070718583617f1f5e3a5f9905f4c094"><input type="radio"><span> Radio advertising</span></label></p><p><label class="radio" data-answer="3e7ebe7c174ad5da159a3aafa043f620"><input type="radio"><span> Telemarketing</span></label></p><p><label class="radio" data-answer="b50fbfeaa5c153736df127686b8e899f"><input type="radio"><span> Personal selling</span></label></p><p><label class="radio" data-answer="f1b4b894b933202791d1939308ba1a18"><input type="radio"><span> Direct marketing</span></label></p></div><div class="q-explanation"><p>Above-the-line (ATL) promotion involves paid-for promotional activities targeted at mass audiences, such as television and radio advertisements. Hence, the correct answer is radio advertising.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Wholesalers buy in large quantities and sell onto retailers in smaller quantities. What is this practice known as?</p></div><div class="q-answer"><p><label class="radio" data-answer="2e440521d640733df3782c37e12f4c47"><input type="radio"><span> Disintermediation</span></label></p><p><label class="radio" data-answer="0e69df628e478cbd3795d3f47cfddfce"><input type="radio"><span> Customer relations management</span></label></p><p><label class="radio" data-answer="f10f6e31c2ea8d76231ae605caebbbce"><input type="radio"><span> Supply chain management</span></label></p><p><label class="radio" data-answer="a263c2ba91b5539d03cedfbc8e23c903"><input type="radio"><span> Breaking bulk</span></label></p></div><div class="q-explanation"><p>Wholesalers buy their stock (inventory) direct from the manufacturer, such as Costco purchasing 100,000 cans of Sprite from the Coca-Cola factory. They then break up their bulk purchases and sell the cans of Sprite in smaller quantities to retailers. Hence, the correct answer is breaking bulk.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>An insurance broker is an example of what kind of intermediary in the distribution channel?</p></div><div class="q-answer"><p><label class="radio" data-answer="7274a3d3c6c96eee7386b108d02f555f"><input type="radio"><span> Distributor</span></label></p><p><label class="radio" data-answer="7446050b848d839fe9847073ff94cfd6"><input type="radio"><span> Agent</span></label></p><p><label class="radio" data-answer="bad0abc5062f0a4c261359eab54bdcc9"><input type="radio"><span> Retailer</span></label></p><p><label class="radio" data-answer="7440dbdce0d04721b36cb5b7efd93e9a"><input type="radio"><span> Wholesaler</span></label></p></div><div class="q-explanation"><p>To buy insurance, the customer uses an agent as an intermediary with the insurance provider. Customers may choose to directly deal with different insurance companies to find the best deal for their travel, home and motor insurance, although many customers will choose to pay an insurance agent to do this for them. Hence, the correct answer is an agent.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Which of the following industries is most likely to make significant use of wholesalers to achieve effective distribution?</p></div><div class="q-answer"><p><label class="radio" data-answer="01b7f206b294a48de769ba71ab3121ba"><input type="radio"><span> Advertising agencies</span></label></p><p><label class="radio" data-answer="eab7308fa9030fb9b4a0088351f51698"><input type="radio"><span> Bread production</span></label></p><p><label class="radio" data-answer="e6168b5af076e582b0227a0e45e938a5"><input type="radio"><span> Car manufacturing</span></label></p><p><label class="radio" data-answer="d60222c5631087a4ca729da107517353"><input type="radio"><span> Newspapers and magazine publishing</span></label></p></div><div class="q-explanation"><p>Wholesalers operate on a very large scale, so work best with single mass-produced items such as daily newspapers or monthly magazines. Hence, the correct answer is newspapers and magazine publishing.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>A firm launches a new and unique product and decides to charge a high price before competitors join the market. What pricing strategy is this an example of?</p></div><div class="q-answer"><p><label class="radio" data-answer="0507f4eae69511b1554c03eb7459da0f"><input type="radio"><span> Penetration</span></label></p><p><label class="radio" data-answer="1a0966c4da398213cc2620fe7212fe35"><input type="radio"><span> Price leadership</span></label></p><p><label class="radio" data-answer="2347e8f36bc2ad3bd95b1f8e2bc310b1"><input type="radio"><span> Cost-plus</span></label></p><p><label class="radio" data-answer="ded0a0a33ad558a35ed1d5b31b1c5857"><input type="radio"><span> Skimming</span></label></p></div><div class="q-explanation"><p>Skimming is a pricing strategy used by firms that sell innovative or hi-tech products that have high research and development (R&D) costs. A high price is used to recoup the high R&D costs and to maximise profit margins before competitors join the market, forcing the market price to fall. Hence, the correct answer is Skimming.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>A pharmaceutical company charges a high price to customers in the USA for a particular medicine but charges customers in Sudan a lower price for the same medicine. What pricing strategy is this an example of?</p></div><div class="q-answer"><p><label class="radio" data-answer="e48babc6dd6cb09bd8409ae5df2e6c3d"><input type="radio"><span> Psychological</span></label></p><p><label class="radio" data-answer="7bd965db84b6f954a54f3df6f104d150"><input type="radio"><span> Price discrimination</span></label></p><p><label class="radio" data-answer="1e530177fdecf21239ff62216a407bd5"><input type="radio"><span> Predatory</span></label></p><p><label class="radio" data-answer="412d2097dae5d8b779d14f9d01d11bd0"><input type="radio"><span> Loss leader</span></label></p></div><div class="q-explanation"><p>Price discrimination involves charging different customer groups different prices, such as child and adult air fares or peak and off-peak travel prices. Therefore, pharmaceutical companies that charge a high price to customers in the USA but a lower price to customers in Sudan for the same medicine are using price discrimination. Hence, the correct answer is price discrimination.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>What is the name of the pricing strategy where a deliberately low price is set so that the firm can increase its market share?</p></div><div class="q-answer"><p><label class="radio" data-answer="0507f4eae69511b1554c03eb7459da0f"><input type="radio"><span> Penetration</span></label></p><p><label class="radio" data-answer="1e530177fdecf21239ff62216a407bd5"><input type="radio"><span> Predatory</span></label></p><p><label class="radio" data-answer="e48babc6dd6cb09bd8409ae5df2e6c3d"><input type="radio"><span> Psychological</span></label></p><p><label class="radio" data-answer="4194eb83faab3feb415dc61bc23927be"><input type="radio"><span> Mark-up</span></label></p></div><div class="q-explanation"><p>Penetration pricing is used by firms trying to establish their market share in an industry. To do so, these firms deliberately set a low price in order to attract new customers, thus taking away market share from existing firms in the industry. Hence, the correct answer is penetration.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Greg’s Bakery sells a product at just <dollar>$</dollar>0.50 each rather than the normal price of <dollar>$</dollar>2 in order to encourage customers to buy other products offered at the bakery. What pricing strategy is this an example of?</p></div><div class="q-answer"><p><label class="radio" data-answer="412d2097dae5d8b779d14f9d01d11bd0"><input type="radio"><span> Loss leader</span></label></p><p><label class="radio" data-answer="2347e8f36bc2ad3bd95b1f8e2bc310b1"><input type="radio"><span> Cost-plus</span></label></p><p><label class="radio" data-answer="7bd965db84b6f954a54f3df6f104d150"><input type="radio"><span> Price discrimination</span></label></p><p><label class="radio" data-answer="e48babc6dd6cb09bd8409ae5df2e6c3d"><input type="radio"><span> Psychological</span></label></p></div><div class="q-explanation"><p>Loss leader pricing occurs when Greg’s Bakery sells its products at a price lower than its costs of production in order to attract buyers, many of whom will also buy other products with high profit margins. Hence, the correct answer is a loss leader.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Which of the following is the least likely method used by firms to differentiate between their pizzas?</p></div><div class="q-answer"><p><label class="radio" data-answer="c3dc8749cad75184edac4d40a433f22e"><input type="radio"><span> Choice of ingredients (pizza toppings)</span></label></p><p><label class="radio" data-answer="99ffe35d4f661650022ff61c3fc39679"><input type="radio"><span> Branding</span></label></p><p><label class="radio" data-answer="3f445ad117380b634eb1e3be410b2ccd"><input type="radio"><span> An introductory 10% price discount on all pizzas</span></label></p><p><label class="radio" data-answer="056b7e7d70cef71c49b9720255506f60"><input type="radio"><span> Packaging with nutritional details</span></label></p></div><div class="q-explanation"><p>A price discount of 10% is not a form of product differentiaion but a (temorary) pricing method used to attract more customers. Branding, packaging, and product features (pizza toppings, in this case) are all examples of product differentiation as a marketing strategy.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Makers of hair conditioner and shampoo often send out free samples of their products with magazines. What is this is an example of?</p></div><div class="q-answer"><p><label class="radio" data-answer="3b2dd6e673fa4b3fb7f30be8a016d14a"><input type="radio"><span> Sales promotion</span></label></p><p><label class="radio" data-answer="2ffad44e73b3bd779f01e1334737b76f"><input type="radio"><span> Direct mail</span></label></p><p><label class="radio" data-answer="2ce5fc289845ce826261032b9c6749ea"><input type="radio"><span> Advertising</span></label></p><p><label class="radio" data-answer="b50fbfeaa5c153736df127686b8e899f"><input type="radio"><span> Personal selling</span></label></p></div><div class="q-explanation"><p>Free samples are an example of sales promotion. Sales promotion is an element of the promotional mix that involves using temporary sales tactics to stimulate interest in a firm’s products (such as by offering free samples of hair conditioner and shampoo). Sales promotions are not generally financially sustainable. Hence, the correct answer is sales promotion.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Which of the following is not part of the promotional mix?</p></div><div class="q-answer"><p><label class="radio" data-answer="2273d1167a6212812d95dc8fadbae78e"><input type="radio"><span> Customer service</span></label></p><p><label class="radio" data-answer="3b2dd6e673fa4b3fb7f30be8a016d14a"><input type="radio"><span> Sales promotion</span></label></p><p><label class="radio" data-answer="f1b4b894b933202791d1939308ba1a18"><input type="radio"><span> Direct marketing</span></label></p><p><label class="radio" data-answer="b50fbfeaa5c153736df127686b8e899f"><input type="radio"><span> Personal selling</span></label></p></div><div class="q-explanation"><p>The promotional mix is used to communicate with customers about a firm’s products, by informing and reminding customers about the products. The promotional mix consists of five elements: advertising, personal selling, sales promotion, public relations and direct marketing. Hence, the correct answer is customer service.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Which of the following factors is least likely to influence the choice of advertising media by a business?</p></div><div class="q-answer"><p><label class="radio" data-answer="1d8238074852134f23f47c9e2c8e83c8"><input type="radio"><span> The location of the chosen advertising agency</span></label></p><p><label class="radio" data-answer="bd5ad15852d2bccc3c85858f0d8bed3d"><input type="radio"><span> How much exposure (coverage) is required</span></label></p><p><label class="radio" data-answer="5ec9003c7db2cd16ba33ee531f6df962"><input type="radio"><span> The kind of message the business wants to get across</span></label></p><p><label class="radio" data-answer="eff1046e816eb5ef32add6b8497fe877"><input type="radio"><span> The advertising budget of the business</span></label></p></div><div class="q-explanation"><p>Although the location of an advertising agency can be important, developments in information communication technology (ICT) make the location less important. Furthermore, the location of the advertising agency can have minimal influence on the choice of advertising media itself. Hence, the correct answer is the location of the chosen advertising agency. By contrast, The volume of exposure required, the kind of message the business wants to get across and the advertising budget of a business are all important factors in deciding on the choice of advertising media, such as television, radio or magazines.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>Which form of promotion uses unconventional methods, suitable for firms on a relatively low budget, to maximise marketing exposure?</p></div><div class="q-answer"><p><label class="radio" data-answer="78a712ece38ffe2c40725bcf5730a0c6"><input type="radio"><span> Guerrilla marketing</span></label></p><p><label class="radio" data-answer="19f9dcf2d2d91e016fca6278e317f253"><input type="radio"><span> Above the line promotion</span></label></p><p><label class="radio" data-answer="de0cc8aec85022bbc240ed6720ade4ba"><input type="radio"><span> Viral marketing</span></label></p><p><label class="radio" data-answer="bfaa70d0fc8b505a55abac3f3551e82d"><input type="radio"><span> Social media marketing</span></label></p></div><div class="q-explanation"><p>Guerrilla marketing uses low-cost and often very unconventional methods to promote a firm’s products. Guerrilla marketing can make use of viral marketing and social media marketing to popularise a firm’s products.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>The use of websites such as YouTube, Twitter and Facebook to gain marketing exposure is known as</p></div><div class="q-answer"><p><label class="radio" data-answer="bfaa70d0fc8b505a55abac3f3551e82d"><input type="radio"><span> Social media marketing</span></label></p><p><label class="radio" data-answer="5bf85e5e1b6f6652271d9195a09da310"><input type="radio"><span> Distribution channels</span></label></p><p><label class="radio" data-answer="de0cc8aec85022bbc240ed6720ade4ba"><input type="radio"><span> Viral marketing</span></label></p><p><label class="radio" data-answer="99ffe35d4f661650022ff61c3fc39679"><input type="radio"><span> Branding</span></label></p></div><div class="q-explanation"><p>Social media marketing is a form on internet marketing. It uses social media websites such as YouTube, Twitter and Facebook to popularise a firm’s products by promoting to a network of individuals, groups and organizations. Hence, the correct answer is social media marketing.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>The different stages that a typical product goes through from its launch to its removal from the market is shown by a...</p></div><div class="q-answer"><p><label class="radio" data-answer="ebb068ade979dac7b1b8ef91f4b9181f"><input type="radio"><span> Product life cycle</span></label></p><p><label class="radio" data-answer="2cb4dbb891872426e1d1fad815dd3420"><input type="radio"><span> Boston matrix</span></label></p><p><label class="radio" data-answer="bda12736e411186925a35f44ecc7e771"><input type="radio"><span> Brand development</span></label></p><p><label class="radio" data-answer="fec33d9441a2a0c9e4c094feefc8cee4"><input type="radio"><span> Market share</span></label></p></div><div class="q-explanation"><p>A product will typically go through the 5 stages in its life cycle: research and development, launch, growth, maturity and decline (which eventually leads to the product being withdrawn from the market). Hence, the correct answer is product life cycle.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>If the cost of producing one unit of a product is <dollar>$</dollar>5 and the firm includes a mark- up of 40%, what is the selling price?</p></div><div class="q-answer"><p><label class="radio" data-answer="84abdd1dc3e7d7e6c1497b0038f6fd2c"><input type="radio"><span> <dollar>$</dollar>7.00</span></label></p><p><label class="radio" data-answer="d77d9312f0d356d21edd11fad7df25bb"><input type="radio"><span> <dollar>$</dollar>9.00</span></label></p><p><label class="radio" data-answer="d117ea1a670633e73d695fbe486ee438"><input type="radio"><span> <dollar>$</dollar>5.40</span></label></p><p><label class="radio" data-answer="c0a39883e12e022d00c1be88ad7076e0"><input type="radio"><span> <dollar>$</dollar>6.25</span></label></p></div><div class="q-explanation"><p>The firm adds 40% on top of the costs of production to ensure each unit earns a mark-up (contributing towards profit). Hence, the selling price is 40% (<dollar>$</dollar>2) more than the cost of production (<dollar>$</dollar>5), i.e. <dollar>$</dollar>5 × 1.4 = <dollar>$</dollar>7. Hence, the correct answer is <dollar>$</dollar>7.00.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="exercise"><div class="q-question"><p>A retailer sets a profit margin of 65% on all its products. If a particular product costs <dollar>$</dollar>1.20, what price does the retailer sell the product at?</p></div><div class="q-answer"><p><label class="radio" data-answer="09791418025d4031f0b887a973c2b40d"><input type="radio"><span> <dollar>$</dollar>1.98</span></label></p><p><label class="radio" data-answer="b044ddd7f33ef9406c7914678fddc088"><input type="radio"><span> <dollar>$</dollar>1.85</span></label></p><p><label class="radio" data-answer="3644c7126b82c91700c88b6ad0d534f3"><input type="radio"><span> <dollar>$</dollar>1.30</span></label></p><p><label class="radio" data-answer="c83dbc3f0100d62165e038882a6c3cb1"><input type="radio"><span> <dollar>$</dollar>0.78</span></label></p></div><div class="q-explanation"><p>The profit margin represents the amount over and above the costs of production. In this case the price set is 65% greater than the costs, i.e. <dollar>$</dollar>1.2 × 1.65 = <dollar>$</dollar>1.98. Hence the correct answer is <dollar>$</dollar>1.98.</p></div><div class="actions"><span class="score" data-score="0"></span><button class="btn check"><i class="fa fa-check-square-o"></i> Check</button></div></div><p> </p><div class="totals"><span class="score">Total Score: </span><button class="btn btn-success check-total"><i class="fa fa-check-square-o"></i> Check</button></div></div><hr></div></div><div class="panel-footer"><div></div></div></div><p><span style="font-family:arial,helvetica,sans-serif;">Return to the <a href="../44720/45-the-seven-ps-of-the-marketing-mix.html" title="New syllabus 2022 » Unit 4 - Marketing » 4.5 The seven Ps of the marketing mix">Unit 4.5 - The seven Ps of the marketing mix</a> homepage</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Return to the <a href="../43547/unit-4-marketing.html" title="New syllabus 2022 » Unit 4 - Marketing">Unit 4 - Marketing</a> homepage</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><a href="../../../businessmanagement.html"><img alt="" src="../../../ib/businessmanagement/logo-blue-black-1.png" style="width: 170px; height: 54px;"></a></span></p><script>document.querySelectorAll('.tib-teacher-only').forEach(e => e.remove());</script>
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