WBS11 Marketing and people

Lessons in WBS11

1. Mass and niche markets, market size and market share
   Market share = firm's sales / market sales x 100. Market growth = change in market size / original size x 100. Mass markets: large, standardised, economies of s
2. Dynamic markets, competition, and risk versus uncertainty
   Dynamic market: changes rapidly (online retailing, innovation). More competition means lower prices, more choice, more innovation and squeezed margins. Risk can
3. Market research: primary and secondary, quantitative and qualitative
   Primary = new, first-hand, tailored but costly. Secondary = existing, cheap and quick but may be out of date or irrelevant. Quantitative = numbers; qualitative
4. Sampling methods and the reliability of research
   Random: equal chance, needs a full list. Quota: set numbers by characteristic, researcher chooses, not random. Stratified: random within groups in proportion to
5. Product and market orientation, and market mapping
   Product orientation: start with the product. Market orientation: start with customers' needs. A market map plots brands on two customer-relevant features to fin
6. Segmentation, competitive advantage, differentiation and adding value
   Segmentation: divide the market into groups (demographic, geographic, psychographic, behavioural). Competitive advantage: lower cost or differentiation. Added v
7. Demand and the factors that shift it
   Own price change: movement along D. Other factors shift D: substitutes, complements, income, tastes, marketing, demographics, external shocks, seasonality.
8. Supply and the factors that shift it
   Supply slopes upwards. Shifts: costs of production, new technology, indirect taxes (left), subsidies (right), external shocks.
9. Markets: demand, supply and equilibrium diagrams
   Equilibrium: D = S. Above it, surplus pushes price down; below it, shortage pushes price up. Construct: labelled axes, original equilibrium, correct shift, new
10. Price elasticity of demand: calculation, interpretation and factors
    PED = %change Qd / %change P. More than 1 (ignoring sign): elastic. Less than 1: inelastic. Elastic with substitutes, luxuries, high share of income, long run;
11. Price elasticity, pricing decisions and total revenue
    Inelastic: price and TR move together. Elastic: price and TR move in opposite directions. New TR = new price x new quantity, with quantity from PED. PED estimat
12. Income elasticity of demand
    YED = %change Qd / %change income. Negative: inferior. 0 to 1: normal necessity. Above 1: normal luxury. Used to forecast sales and balance a portfolio across t
13. Marketing objectives, the marketing mix, strategies and customer loyalty
    Objectives: market share, revenue, brand. Mix: product, price, promotion, place, kept consistent. Mass, niche, B2B and B2C need different mixes. Loyalty: reward
14. The product life cycle and the Boston Matrix
    PLC: introduction, growth, maturity, decline. Boston: star (high/high), cash cow (low growth, high share), question mark (high growth, low share), dog (low/low)
15. Product and service design: the design mix and social trends
    Design mix: function, aesthetics, cost (economic manufacture), with trade-offs. Social trends: waste minimisation, re-use, recycling, ethical sourcing.
16. Promotion and branding
    Promotion: advertising, sales promotion, PR, sponsorship, personal selling, direct, social media. Strong brands give added value, premium prices and lower PED.
17. Pricing strategies
    Cost plus = unit cost x (1 + mark-up%). Skimming: high then lower. Penetration: low then higher. Predatory: below cost to remove rivals (often illegal). Competi
18. Distribution: channels and changing methods
    Four stage: producer, wholesaler, retailer, consumer. Three stage: producer, retailer, consumer. Two stage: producer to consumer. Trends: e-commerce, direct to
19. Approaches to staffing: asset or cost, flexible workforces and employment relations
    Asset (invest, retain) versus cost (minimise). Flexibility: multi-skilling, part-time, temporary, zero-hours, flexible hours and home working, outsourcing. Dism
20. Recruitment, selection and training
    Process: job description, person specification, advertise, shortlist, select, offer, induct. Internal: cheap, known, motivating, few new ideas. External: wider
21. Organisational design: hierarchy, span of control and structures
    Hierarchy, chain of command, span of control (number of direct reports). Tall: many levels, narrow spans. Flat: few levels, wide spans. Matrix: project teams ac
22. Motivation in theory: Taylor, Mayo, Maslow and Herzberg
    Taylor: money, efficiency, piece rates, close supervision. Mayo: social needs, teams, attention. Maslow: physiological, safety, love/social, esteem, self-actual
23. Motivation in practice: financial and non-financial methods
    Financial: piecework, commission, bonus, profit share, PRP. Non-financial: delegation, consultation, empowerment, teams, flexible working, job enrichment (more
24. Leadership: management versus leadership and leadership styles
    Management: plan, organise, control. Leadership: vision, influence, inspire. Styles: autocratic, paternalistic, democratic, laissez-faire. Entrepreneurs struggl
25. The role of an entrepreneur, intrapreneurship and barriers to entrepreneurship
    Entrepreneurs create, run and develop businesses, taking risk for profit. Intrapreneurs innovate inside existing firms. Barriers: finance, skills, fear of failu
26. Entrepreneurial characteristics, skills and motives
    Characteristics: creativity, risk-taking, resilience, passion. Skills: planning, communication, financial management. Financial motives: profit maximising, prof
27. Business objectives
    Objectives: survival, profit maximisation, sales maximisation, market share, cost efficiency, employee welfare, customer satisfaction, social objectives. They d
28. Business choices: opportunity cost and trade-offs
    Opportunity cost: the benefit of the next best alternative given up. Trade-off: more of one means less of another (ethics vs profit, quality vs cost, short term
29. Exam technique: define, calculate, construct and analyse
    2 hours, 80 marks: A 30, B 30, C 20. Define: two elements. Calculate: formula, working, answer with unit. Construct: axes, original, shift, new. Analyse: two po
30. Exam technique: discuss, assess and evaluate answers
    Discuss 8: three levels, balance. Assess 10: four levels, supported judgement. Evaluate 20: four levels, judgement plus recommendation. Use context and data, ch

Next exams for WBS11

• January 2027: Mon 11 Jan 2027, morning, 2h 00m
• Summer 2027: Wed 5 May 2027, morning, 2h 00m

From Pearson's final timetables. All exam dates. Always confirm your entries with your exams officer.