Photo AI
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 utilize is advertising through social media platforms. This method leverages the wide reach and engagement potential of social media to create buzz around the new product range. By targeting specific demographics, the business can ensure that their advertising resonates with the intended audience, maximizing the chances of a successful launch.
Step 2
How will the business know that their marketing plan has been successful for a new product range?
Answer
The business can assess the success of their marketing plan by monitoring key performance indicators (KPIs), such as sales figures and customer feedback. Specifically, they can compare the projected sales against actual sales for the new product. Additionally, they may conduct surveys to gather customer opinions and analyze social media engagement metrics to evaluate consumer interest and awareness.
Step 3
Why should this business adopt a marketing approach instead of a selling approach?
Answer
Adopting a marketing approach is essential for the business as it focuses on understanding and fulfilling customer needs, rather than merely pushing products. This approach cultivates customer relationships and loyalty, leading to better long-term sales performance. By emphasizing market research and audience engagement, the business can adapt to consumer preferences and drive demand effectively, rather than relying on traditional selling tactics that may seem aggressive and often overlook customer satisfaction.