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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
This business could use advertising via television or social media to launch their new product range. By targeting specific demographics through these channels, they can effectively reach their intended audience and create awareness about the new products they are introducing to the market.
Step 2
How will the business know that their marketing plan has been successful for a new product range?
Answer
The business will know their marketing plan is successful through a combination of monitoring sales data and customer feedback. They would track the sales figures of the new product range against their projections, noting any significant increases. Additionally, conducting surveys to gather customer opinions can give insights into how well the product is being received in the market.
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 it focuses on understanding customer needs and preferences. By doing market research, the business can identify and address the specific desires of their customers, leading to higher customer satisfaction and loyalty. In contrast, a selling approach emphasizes promoting products without considering customer needs, which can result in lower market acceptance and sales.