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Study the information supplied and answer the questions which follow: Promotion by a business is necessary to bring its products to the market's attention and to encourage consumers to purchase - Leaving Cert Business - Question 8 - 2008
Question 8
Study the information supplied and answer the questions which follow: Promotion by a business is necessary to bring its products to the market's attention and to en... show full transcript
Worked Solution & Example Answer:Study the information supplied and answer the questions which follow: Promotion by a business is necessary to bring its products to the market's attention and to encourage consumers to purchase - Leaving Cert Business - Question 8 - 2008
Step 1
Name the other three elements and explain one of them.
Answer
The other three elements of the Marketing Mix are Product, Place, and Price.
Explanation of Product
Product refers to the design, brand name, packaging, Unique Selling Proposition (USP), and trademarks associated with a product. It encompasses the attributes that make the product appealing to consumers, such as quality, features, and benefits.
Step 2
List three methods (media) of advertising and give an advantage of each one.
Answer
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Radio: A cost-effective way to reach a wide audience quickly, especially when targeting local markets.
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Newspapers: Provide detailed information, suitable for consumers who prefer reading and are often kept for reference.
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Internet: Allows for targeted advertising and tracking consumer engagement through metrics such as clicks and conversions.
Step 3
Outline three functions of advertising.
Answer
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To inform consumers: Advertising conveys essential information about the product, helping consumers make informed choices.
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To persuade consumers to buy: Effective advertising encourages consumers to take action by highlighting benefits and creating a desire for the product.
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To increase sales and profits: By reaching a broad audience and driving consumer interest, advertising aims to boost sales figures.
Step 4
Draft and label a Product Life Cycle diagram.
Answer
The Product Life Cycle consists of four stages: Introduction, Growth, Maturity, and Decline. In the diagram, the y-axis represents Sales, and the x-axis represents Time. Each stage is characterized by different levels of sales and marketing strategies appropriate for each phase.
Step 5
Outline two examples of Public Relations (PR) methods used by business.
Answer
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Sponsorship: Involves supporting events or organizations to enhance brand visibility and foster goodwill among target audiences.
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Press Releases: Communicate important announcements or updates about the company, helping to manage the brand image and keep stakeholders informed.