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Edexcel Theme 1: Marketing and People (Unoffical mark scheme)

Hey guys, here is a version of the mark scheme that i made. Some questions may be missing, or they may be some other answers to any of them. Just post on here so that can be changed. Thanks.

Define Marketing Strategy: ( 2 marks)

These are tactics which are used to meet marketing targets set by a firm. These tend to be long term goals that are set out.

Define Product Portfolio ( 2 marks)

A product portfolio shows the range of products a business has.

How have Aston Martin used differentiation ( 4 marks)

Any sort of added value or usp that have used should do, which is different to what Jaguar/etc offer.
- high seats
- durability
- cheaper price to young people

Assess two non-price factors that affect the demand for Aston Martin's premium prices cars.

-Levels of income
- Substitutes/Compliments
-Trends and Prefrences
-Advertising
-Population
- External shocks
- Expectations
- Season

Define Entreprenuer ( 2 marks)

- Someone who runs their own business and takes risks
- Someone who combines factors of production to create a product or service

Define business objective ( 2 marks)

-These can be social or financial set out as long term goals
-Planning on how aim may be reached

Explain how the design mix affects Aston Martin (4 marks)

-Cost
-Appearance
-Function

(Anything talked about those should do)

Calculate income elasticity of demand (4 marks)

-1 mark for stating formula
- percent change in income was given 2/2%
- (3500-2000)/2000 *100 = 75
75/-2.2 = -34.09
YED= -34.09

Explain how income elasticity can be used by Approved Foods ( 4 marks)

- Use to realise how the demand will vary as incomes change in different times of
economic cycle such as recession, as they are selling an inferior good, demand may rise then, and can hire more staff or purchase extra stock for then.

What effect removing layers has on motivation (10 marks)

-Define delayering
More responsibility to locals- improved motivation
-however workers may not like extra responsibility
- Wider spans of control
-More stress on senior managers as they are supervising and accountable for more people

What effects social trends have on channels of distribution (10 marks)

-No geographical limits
-Convenience
-Lower costs to Approved Foods
-They may get more customers
-They would need less channels of distribution so more profit margin
-Less queues
- Restricted choice on consumer

Assess the importance of profit maximisation (10 marks)

-Used to expand the firm
-Keep cash flow positive
-unlikely to be main objective as he might be doing for society in order to reduce waste
-May ignore long term decisions if profit maximisation is focused on short term

Evaluate whether the Post office or Online sales method should be used to expand Bunches (20 marks)

-Define e-retailing
-Say benefits of online sales
-less costs to business of staff
-lower rent payment as less tangible stores
-more sales as wider range of customers

-However should sell through Royal Mail as it is an established brand
- Have to teach staff to use IT skills ( training and recruitment costs)
- Already customer base for those who visit post office to buy bunches

Reply 1

Niyi Aderounmu

For that calculation part I made a mistake and put 34.09 without the minus sign :/

Reply 2

benj1999

I didn't add the 0.9 part :frown:

if i wrote -34 is that okay?

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Reply 3

kirstybecs

Original post by benj1999

I didn't add the 0.9 part :frown:

if i wrote -34 is that okay?

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you'll probably get it if they've seen you round it - i managed to get -0.8 hahaha

Reply 4

benj1999

Original post by kirstybecs

you'll probably get it if they've seen you round it - i managed to get -0.8 hahaha

Ah i hope! Oh no :frown:

i'm sure you'll get 1-2 marks for formula etc!

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Reply 5

Varun127

Original post by benj1999

I didn't add the 0.9 part :frown:

if i wrote -34 is that okay?

Posted from TSR Mobile

If you did the other steps clearly, you should still get 2-3 marks. If you calculated -34.09 first, wrote it and then changed it to -34, you should get 3.