1.4 AS 90840 ~ Apply the marketing mix to a new or existing product Moderator’s Clarification (Facilitator has added emphasis or additional information, the latter appearing in blue) For Excellence: because … because … Students can work together to obtain the information necessary for them to individually produce their written assessment. It is possible for a class visit or a guest speaker to provide the relevant information that will enable the students to write their personal assignments. Students demonstrate evidence of their business knowledge when they analyse each of the 4Ps, and then apply them to the product. For all grades all 4Ps ~ product, price, place and promotion ~ must be analysed to some extent. ACHIEVED An achieved grade requires that the student defines, describes, identifies or outlines the marketing mix for a product. All products will have some relevant information relating to product, price, place and promotion, so even at Achieved level there must be a basic description or identification of each element. This means there needs to be (for each of the 4Ps): at least a basic definition (in context), details about, an account of, or knowledge demonstrated and then related appropriately to the chosen product, some relevant business knowledge stated, e.g. “this business uses penetration pricing” or “this product is sold only online”. MERIT At Merit level, the analysis of the 4Ps for the chosen product must be applied in detail. The word “explain” here indicates that reasons must be given for statements made, e.g. “this business uses penetration pricing because …”, or “this product is sold only online because …” EXCELLENCE At Excellence level, the analysis of the 4Ps for the chosen product must be comprehensively applied. The phrase “fully explain” here indicates that reasons must be given at a higher level for statements made. Often, there are at least two stages to an explanation, e.g. “this business uses penetration pricing because … because…”, or “this product is sold only online because …because…” Excellence candidates will also integrate business knowledge throughout their assignment tying together sections from different areas. They will also ensure that their work is free of factual errors. 1.4 (marketing mix) clarification & additional notes 1 It is vital that students select a product and focus on the strategies in the marketing mix relevant to that product. They need to be realistic. For example, just because a scaffolded assessment task might refer to packaging does not preclude a student analysing a car, which clearly does not come in packaging. It is also important that students focus their analysis on how each of the 4Ps apply to a specific product. Simply stating theory does not meet the Achieved criteria. Areas that students should be looking at in relation to their chosen product include: Product: What does this mean using business terminology and: Exactly what is the product? Who is the intended market for the product? How is the product different from its competitors? Price – what sort of pricing strategies are there and: Which type of pricing strategy is used (e.g. penetration pricing, skimming pricing, competitive pricing, psychological pricing etc) Is it the most effective strategy for the target market? Why? Has the image of the product been affected by the price chosen? Place – what distribution methods are there and: How is the product distributed? (e.g. retail shops, internet, wholesale, a school market day) Would there be better alternatives? Why? Promotion – what types of promotion methods are there What methods of promotion are used? Do these methods appear to be effective (why or why not?) Are there any alternatives that could be better used? An Excellence response would clearly demonstrate that there are linkages (in theory) and that these also are demonstrated in practice. 1.4 (marketing mix) clarification & additional notes 2