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A business wishes to introduce new products into the market - HSC - SSCE Business Studies - Question 24 - 2022 - Paper 1
Question 24
A business wishes to introduce new products into the market. (a) Outline ONE promotion strategy this business could use to launch the new product range. (b) How wi... show full transcript
Worked Solution & Example Answer:A business wishes to introduce new products into the market - HSC - SSCE Business Studies - Question 24 - 2022 - Paper 1
Step 1
Outline ONE promotion strategy this business could use to launch the new product range.
Answer
One effective promotion strategy the business could use is advertising through social media platforms. This approach allows the company to reach a wide audience at a relatively low cost. By creating engaging ads and utilizing targeted marketing, the business can effectively introduce the new product range to potential customers, encourage interaction, and build brand awareness.
Step 2
How will the business know that their marketing plan has been successful for a new product range?
Answer
The business can evaluate the success of their marketing plan by tracking several key performance indicators (KPIs). These may include:
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Sales Data: Monitoring the sales numbers of the new product range compared to initial projections.
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Market Research: Conducting surveys and gathering feedback from customers to assess brand perception and product satisfaction.
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Social Media Engagement: Analyzing interactions on social media ads—likes, shares, and comments can provide insights into customer interest and engagement.
Step 3
Why should this business adopt a marketing approach instead of a selling approach?
Answer
This business should adopt a marketing approach instead of a selling approach because a marketing approach focuses on understanding and satisfying customer needs. It emphasizes building long-term customer relationships through tailored strategies that meet those needs, rather than just pushing products to maximize sales in the short term. By understanding their customers and actively engaging with them, the business is more likely to foster loyalty and encourage repeat purchases, which is often more beneficial than a purely transactional selling approach.