Evaluate the importance of marketing planning to the success of BFB's new products.

Mark scheme

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

1. [Knowledge] Definition of marketing planning: Marketing objectives, budgets and marketing mix. Market research and situational analysis may also be explained. Success in terms of profit, sales, market share, customer satisfaction and meeting objectives set.
2. [Application] Older adults is a distinct market from children with differing needs
3. [Application] Product differences necessary to attract older adults e.g. lower gears, changes to frame, easy change tyres.
4. [Application] Use of social media to attract parents for existing products. Less likely to be appropriate for older generation.
5. [Application] Premium pricing to reflect quality of product.
6. [Application] Link to cycling accessories and mountain cycle options.
7. [Application] Mature market for mountain bikes
8. [Analysis] Benefits of tailoring marketing according to differences in target markets to ensure that new products gain market sales.
9. [Analysis] Over 60s promotion might focus on more traditional above the line techniques using print media rather than social media
10. [Analysis] Skimming pricing for over 60s as there is limited competition in the market.
11. [Analysis] Mountain bikes may need more competitive pricing due to competition.
12. [Analysis] Mountain bikes more intense promotion to gain awareness and attract customers.
13. [Analysis] Cycling accessories may be targeted at people who already have bikes
14. [Analysis] Need to cover costs to make a profit.
15. [Analysis] More effective targeting of marketing budget when planned.
16. [Evaluation] Marketing planning gives a clear direction to the business making success more likely. However, does not guarantee success.
17. [Evaluation] Particularly important for new markets such as mountain cycles or older adult market.
18. [Evaluation] Other factors also important to success such as operations Need to deliver bikes on time so implementation of JIT may affect success of marketing plan.
19. [Evaluation] Elements that the evaluation/judgement might depend on: Competitors' marketing strategies will be significant to success of marketing plan. Level of detail in the marketing plan and its flexibility – being responsive to the changing environment. Planning depends on effective market research to identify needs of customers and determine how best to appeal to them.