Consider the following three extension strategies BB could use for its best-selling product. Which strategy should BB use? Justify your answer. - Adding new features - Start selling in toy shops - Television advertising campaign Adding new features: .................................................................................................... ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... Start selling in toy shops: .............................................................................................. ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... Television advertising campaign: .................................................................................. ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... Recommendation: ........................................................................................................ ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... .......................................................................................................................................
Exam No：0450_w24_qp_22 Year：2024 Question No：2(b)
Answer:
Knowledge points:
3.1.1.1 marketing objectives
3.1.1.2 the link between marketing objectives and corporate objectives
3.1.2.1 the factors influencing the demand for and supply of the products of a business
3.1.2.2 interactions between demand, supply and price
3.1.3.1 how markets may differ: consumer and industrial markets; local, national and international markets
3.1.3.2 the difference between product orientation and customer (market) orientation
3.1.3.3 measurement of market share and market growth
3.1.3.4 the implications of changes in market share and market growth
3.1.4.1 the classification of products
3.1.4.2 how marketing might differ for consumer products (B2C – business to consumer) and industrial products (B2B – business to business)
3.1.5.1 the features of mass and niche markets
3.1.5.2 the advantages and disadvantages of mass marketing and niche marketing
3.1.6.1 methods of market segmentation: geographic, demographic and psychographic
3.1.6.2 the advantages and disadvantages of market segmentation
3.1.7.1 the aims of CRM
3.1.7.2 the costs and benefits of CRM
3.3.1.1 the 4Ps: Product, Price, Promotion, Place (distribution channels)
3.3.2.1 the difference between goods and services
3.3.2.2 tangible and intangible attributes of products
3.3.2.3 the importance of product development
3.3.2.4 product differentiation and unique selling point (USP)
3.3.3.1 product life cycle and decisions about extension strategies
3.3.3.2 Boston Matrix analysis and its uses
3.3.3.3 impact of product portfolio analysis on marketing decisions
3.3.4.1 objectives and usefulness of different pricing methods: competitive, penetration, skimming, price discrimination, dynamic, cost-based and psychological
3.3.5.1 the objectives and usefulness of different promotion methods
3.3.5.2 advertising promotion
3.3.5.3 sales promotion
3.3.5.4 direct promotion
3.3.5.5 developments in digital promotion
3.3.5.6 the role of packaging in promotion
3.3.5.7 the role of branding in promotion
3.3.6.1 the objectives and usefulness of different channels of distribution
3.3.6.2 digital and physical distribution
Solution:
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