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Using the data from Extract A and your knowledge of the product life cycle, explain one way in which the marketing of music streaming might be different in 2019 compared to 2010. - Edexcel - A-Level Business - Question 1 - 2019 - Paper 1
Question 1
Using the data from Extract A and your knowledge of the product life cycle, explain one way in which the marketing of music streaming might be different in 2019 comp... show full transcript
Worked Solution & Example Answer:Using the data from Extract A and your knowledge of the product life cycle, explain one way in which the marketing of music streaming might be different in 2019 compared to 2010. - Edexcel - A-Level Business - Question 1 - 2019 - Paper 1
Step 1
Understanding the Product Life Cycle
Answer
The product life cycle consists of various stages: introduction, growth, maturity, and decline. In this context:
- In 2010, the music streaming service was in the development/growth stage, indicating that the product was relatively new, and the marketing focus would have been on building awareness and educating potential customers about the service.
- By 2019, the industry had matured, entering the growth/maturity stage, meaning that the service was more established in the market with a larger customer base.
Step 2
Comparison of Marketing Focus
Answer
In 2010, marketing efforts would have concentrated on introducing the concept of music streaming to potential customers, emphasizing its benefits over traditional music purchasing methods. The strategy might have involved promotional offers and partnerships to attract early adopters.
By 2019, however, marketing would likely shift towards maintaining market share and increasing customer loyalty. Here, the focus could include highlighting unique features or exclusive content, as well as differentiating the streaming service from competitors who have also matured in the marketplace.
Step 3
Analyzing Competitive Differences
Answer
Marketing in 2019 might also emphasize the distinctions between the product and competitors, leveraging the understanding that consumers have a variety of options available to them. This may include using targeted advertising that showcases specific advantages of this streaming service and offers to retain existing customers who may be tempted by rival products.