LRL makes skincare products including face cream. It is a private sector business in country $$$X$$$. One of LRL's objectives is to contribute to sustainable development. Maintaining customer loyalty is important and the Marketing Director knows a business must have an appropriate marketing mix. He is analysing data to calculate the value of LRL's market share. An extract is shown in Fig. 3.1. The total value of sales of skincare products in country $$$X$$$ for 2023 was $$$\$ 120$$$ million. Explain two elements of the marketing mix. Which do you think is the most important element for a business? Justify your answer. ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... .......................................................................................................................................

Business

IGCSE&ALevel

CAIE

Exam No：0450_w24_qp_13 Year：2024 Question No：3(e)

Answer:

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