Analyse how marketing could be used to add value to a product.

Mark scheme

Marking points from the official mark scheme (Oct/Nov 2021). The mark or mark type is shown in brackets.

1. Clear understanding of marketing
2. Clear understanding of added value
3. Reference to a relevant business context, e.g. marketing activities
4. The concept of creating/adding value – the difference between the selling price of a product and the cost of the inputs – acquire and retain customers
5. Effective marketing can contribute to adding value
6. Use of high-quality packaging to differentiate the product from competitors, e.g. cosmetics, high quality confectionary
7. Create an exclusive retail environment to persuade consumers to pay higher prices – perfume sales, expensive hairdressers
8. Create a premium brand perception that customers will prefer to buy at a premium price, e.g. clothing, soft drinks, even though quality is no different to a 'no brand' product
9. Create a USP to differentiate it from the competition and then heavily promote it
10. Provide expert advice and information alongside the product that is more valuable than the competition
11. Provide exceptional service/speed of service and delivery
12. Increase convenience of purchasing, e.g. opportunities with internet shopping/quality of web page
13. Offer discounts and preferential terms to regular customers
14. Focus on customer perceptions and customer satisfaction
15. Accept any other valid response.
16. Clear understanding of marketing objectives
17. Clear understanding of product launch
18. Reference to the business context of launching a new product
19. A new venture a new business a launch of a new business – what are the critical factors for success?
20. Marketing is likely to be important in the launch of a new business and marketing issues/options could include use of the 4Ps marketing mix:
21. Product – focus on the distinctiveness of the product – a new local women's football team? – convince locality of the appeal of the product – an opportunity to join a national league
22. Price - consider an initial pricing strategy – penetration pricing of a new product
23. Place - consider initial share with popular local men's football team
24. Promotion – segment the market, use of local sponsorship, celebrity promotion
25. Effective marketing objectives are likely to be important
26. A candidate may make a judgement/conclusion as to the view that the setting of effective marketing objectives is the most important factor for the successful launch of a new women's football (soccer) team.
27. Evaluative comment on the weight of evidence/arguments for and against the proposition
28. Are there more important factors that need to be considered alongside effective marketing such as:
29. Availability of finances/resources to sustain a new venture such as a women's soccer team
30. Quality of women footballers in the team
31. Quality of the management of the team and the venture
32. Quality of market activity already carried out, such as market research relating to anticipated customer support, appropriateness of chosen playing location
33. Accept any other valid response.