Can anyone help me mark this question?
#businessalevel #businessstudies
I did this question in class and there was no extract so I didn’t know how to get application marks.
Please help me mark it and give me some advice. :
To avoid business failure, restaurant chains could either aim
to reduce costs or amend their marketing mix
Evaluate these two options and recommend which is the most
suitable approach (20)
The marketing mix is a marketing tool used to attract customers. A restaurant chain
should amend their marketing mix to avoid business failure. A business is less likely
to fail if the product meets the customer’s needs. If the restaurant caters to the
demand of it’s consumers, then there will be more sales leading to more profit and
revenue. This means that the business will be able to pay its debts and prevent the
restaurant chains from failing. However, the cost of marketing and time taken to
collect data on consumer tastes is the time and money the restaurant chain could
have used on something else. The marketing mix also does not always yield results.
Promoting a product can also get it more attraction and attention. This will
differentiate the restaurant’s brand image from other restaurants, creating a unique
selling point giving customers a reason to buy the restaurant's food. Due to this,
attracting customers by promoting, there will likely be more sales which will bring
in profit and high revenue leading to a reduced chance of business failure. However,
promoting a product such as a restaurant dish costs money which could have been
retained by putting it in a bank to gain interest overtime. Furthermore, promoting a
product doesn’t always guarantee a positive outcome. Promotional advertisements
on social media might not get you as much attraction.
Restuarant chains should reduce costs of their products. By reducing costs, it will
attract more customers leading to more sales and more economies of scale. This
will lower unit costs and lead to more profit and revenue, which will improve
cashflow. This is good because the main reason for a business failing is poor
cashflow. However, by reducing costs the restaurant attracts price-sensitive
customers who will be unhappy if the price of the product increases later as the
business grows and expands.
Additionally, reducing the costs of products may take some customers away from
competitor restaurants. By setting a competitive price, it will attract new customers
and increase the market share of restaurant chains, this will reduce the chances of
business failure. However, reducing the cost of the product means a lower profit
margin and the product may seem cheap and bad quality.
The most suitable approach to avoid business failure is amending marketing mix,
this is because of changing consumer tastes which will affects sales in the long run
and keeping up with changes in the market and amending elements like the price,
product and process it will stop the business from going out of style and achieve
more revenue and profit which will improve cashflow and stop the business from
failing.
I did this question in class and there was no extract so I didn’t know how to get application marks.
Please help me mark it and give me some advice. :
To avoid business failure, restaurant chains could either aim
to reduce costs or amend their marketing mix
Evaluate these two options and recommend which is the most
suitable approach (20)
The marketing mix is a marketing tool used to attract customers. A restaurant chain
should amend their marketing mix to avoid business failure. A business is less likely
to fail if the product meets the customer’s needs. If the restaurant caters to the
demand of it’s consumers, then there will be more sales leading to more profit and
revenue. This means that the business will be able to pay its debts and prevent the
restaurant chains from failing. However, the cost of marketing and time taken to
collect data on consumer tastes is the time and money the restaurant chain could
have used on something else. The marketing mix also does not always yield results.
Promoting a product can also get it more attraction and attention. This will
differentiate the restaurant’s brand image from other restaurants, creating a unique
selling point giving customers a reason to buy the restaurant's food. Due to this,
attracting customers by promoting, there will likely be more sales which will bring
in profit and high revenue leading to a reduced chance of business failure. However,
promoting a product such as a restaurant dish costs money which could have been
retained by putting it in a bank to gain interest overtime. Furthermore, promoting a
product doesn’t always guarantee a positive outcome. Promotional advertisements
on social media might not get you as much attraction.
Restuarant chains should reduce costs of their products. By reducing costs, it will
attract more customers leading to more sales and more economies of scale. This
will lower unit costs and lead to more profit and revenue, which will improve
cashflow. This is good because the main reason for a business failing is poor
cashflow. However, by reducing costs the restaurant attracts price-sensitive
customers who will be unhappy if the price of the product increases later as the
business grows and expands.
Additionally, reducing the costs of products may take some customers away from
competitor restaurants. By setting a competitive price, it will attract new customers
and increase the market share of restaurant chains, this will reduce the chances of
business failure. However, reducing the cost of the product means a lower profit
margin and the product may seem cheap and bad quality.
The most suitable approach to avoid business failure is amending marketing mix,
this is because of changing consumer tastes which will affects sales in the long run
and keeping up with changes in the market and amending elements like the price,
product and process it will stop the business from going out of style and achieve
more revenue and profit which will improve cashflow and stop the business from
failing.
Reply 1
s1ren
OP
5
I swear I wrote in paragraphs guys it just merged it all together 😔🙏
Quick Reply
Related discussions
- maths makes me panic in exam conditions!
- GCSE English: I need advice!!
- examiner marking strictness
- English GCSE
- Biology A level
- timing for as/alevel chemistry
- A LEVEL AQA ECONOMICS Paper 3 - Multiple choice questions comparing (I have my script
- A Level Biology - Edexcel B
- AQA Spanish A level speaking 2025
- A-level Politics Edexcel 24 Markers
- Aberystwyth Entrance exam
- I got an A in Biology, ask me anything!*
- Persian A level
- I Need Help Marking Questions On My Own
- Edexcel A Level Mathematics Paper 3 (9MA0 03) - 19th June 2025 [Exam Chat]
- A guide on how to get a 9 in GCSE Edexcel Business Studies
- RS GCSE exemplar essays
- AQA Level 2 Further Mathematics Paper 2 (8365/2) - 18th June 2025 [Exam Chat]
- need science gcse help
- Guys I need help I’m actually panicking
Latest
Trending
Last reply 3 months ago
A-Level Business Studies Study Group 2024-25Last reply 5 months ago
year 1 AS edexcel business practice papers from tutor2uLast reply 6 months ago
can someone mark this a level business edexcel 12 marker plssssPosted 7 months ago
{*cool*} tℰℳu кыргызÑтан арзандатуу коду {acw229016} 5000 com бардык кардарларга акыÑLast reply 7 months ago
aqa a level business may 2025 paper 1Last reply 8 months ago
anyone purchase the prim rose kitten predicted papers?Last reply 8 months ago
i need help with my ey assessment interviewLast reply 8 months ago
Is it possible to get a 7 in Edexcel Business without studying?Articles for you
How The Student Room is moderated
To keep The Student Room safe for everyone, we moderate posts that are added to the site.
