State two secondary market research sources which Ford Motors could use - OCR - GCSE Business - Question 16 - 2019 - Paper 1
Question 16
State two secondary market research sources which Ford Motors could use.
1. Newspapers
2. Online databases
Explain the purpose of marketing within Ford Motors.
Th... show full transcript
Worked Solution & Example Answer:State two secondary market research sources which Ford Motors could use - OCR - GCSE Business - Question 16 - 2019 - Paper 1
Step 1
State two secondary market research sources which Ford Motors could use.
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Answer
Newspapers
Online databases
Step 2
Explain the purpose of marketing within Ford Motors.
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Answer
The purpose of marketing at Ford Motors is to increase sales and inform customers about the brand's products and reputation. Marketing helps to build a connection with customers and understand their needs. It also plays a crucial role in advertising Ford's innovations and ensuring customer loyalty.
Step 3
Explain one way that preparing a business plan may be useful to Ford Motors.
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Preparing a business plan can help Ford Motors to secure finance for new projects by demonstrating clear objectives and financial forecasts to potential investors.
Step 4
Explain how Ford Motors could use market segmentation when deciding where to place an advert for its new car models.
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Ford Motors can use market segmentation to target specific demographics, for example, placing ads for SUVs in family magazines to reach customers who prioritize spacious vehicles.
Step 5
Analyse one disadvantage to Ford Motors of manufacturing and selling such a large range of products.
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One disadvantage could be increased complexity in managing production processes and marketing strategies. This can lead to operational inefficiencies and higher costs if not properly coordinated.
Step 6
State one advantage to a business of using the product lifecycle to plan the marketing of its products.
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One advantage is that it allows for informed decision-making based on the stage of the product, optimizing marketing strategies accordingly.
Step 7
State one disadvantage to a business of using the product lifecycle to plan the marketing of its products.
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A disadvantage is that the product lifecycle is only a forecast/prediction and may not accurately reflect actual market conditions.
Step 8
Evaluate whether or not Ford Motors should continue to use the product lifecycle when planning the marketing of its products.
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It is essential for Ford Motors to continually assess market dynamics, as the product lifecycle can provide valuable insights into how to allocate resources and adapt marketing efforts effectively. However, reliance on it alone may lead to outdated strategies if market conditions change drastically.
