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a) State two secondary market research sources which Ford Motors could use - OCR - GCSE Business - Question 16 - 2019 - Paper 1
Question 16
a) State two secondary market research sources which Ford Motors could use. 1. Newspapers 2. Internet, including social media b) Explain the purpose of marketing ... show full transcript
Worked Solution & Example Answer:a) State two secondary market research sources which Ford Motors could use - OCR - GCSE Business - Question 16 - 2019 - Paper 1
Step 1
Step 2
Explain the purpose of marketing within Ford Motors.
Answer
The purpose of marketing at Ford Motors is multi-faceted. Firstly, it aims to increase sales and market share by promoting products effectively. Marketing also works to enhance the brand image and reputation of Ford Motors, ensuring that consumers associate the brand with quality and innovation. Furthermore, marketing helps to identify and meet customer needs, ensuring that Ford remains relevant in a competitive market.
Step 3
Explain one way that preparing a business plan may be useful to Ford Motors.
Answer
Preparing a business plan is essential for Ford Motors as it secures financial backing and investment. A comprehensive business plan details the company’s goals and provides strategies to achieve them while helping to identify potential risks and opportunities.
Step 4
Explain how Ford Motors could use market segmentation when deciding where to place an advert for its new car models.
Answer
Ford Motors can utilize market segmentation by targeting specific demographics that align with their new car models. For example, if a new model is designed for families, then Ford should place advertisements in family-oriented magazines and during family-centric television programs.
Step 5
Analyse one disadvantage to Ford Motors of manufacturing and selling such a large range of products.
Answer
One significant disadvantage of manufacturing a large range of products is the increased complexity in operations. Managing various product lines can lead to higher production costs and difficulty in maintaining quality across all models, which may dilute the brand’s reputation.
Step 6
State one advantage to a business of using the product lifecycle to plan the marketing of its products.
Answer
An advantage of utilizing the product lifecycle is that it allows the business to strategize marketing efforts according to the product's current stage, optimizing promotional spending and initiatives accordingly.
Step 7
Step 8
Evaluate whether or not Ford Motors should continue to use the product lifecycle when planning the marketing of its products.
Answer
Continuing to use the product lifecycle in marketing decisions can be beneficial for Ford Motors to anticipate changes in the market. It helps to align marketing strategies with product development phases and consumer expectations. However, strict reliance on this model might limit flexibility, as market trends can shift abruptly. Adaptability and responsiveness to real-time market data should also be integrated into Ford’s marketing strategy alongside the product lifecycle model.