Business Studies Unit 3.1 Marketing

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  • Business Studies Unit 3.1 Marketing
    • Marketing
      • This involves identifying and understanding customer needs and wants
        • Businesses need to think about marketing in order to reduce risk of product failure, understand their customers and keep up to date with market trends
      • Market Segmentation
        • A market segment is a group of customers in a market that have similar characteristics and needs
          • E.g. You can segment the car market by the type of car a person drives (sports, people carrier etc.)
        • Market Segmentation helps businesses carry out market research and target promotions at specific groups
      • Market Research
        • This is the gathering of information about customers, competitors and market trends through collecting both primary and secondary data
          • There are three stages - Planning and designing the research, doing the research and analysing the data collected
    • Product Trial/Repeat Purchase
      • A product trial is when consumers buy a product for the first time to find out whether they want to buy it again
        • If this is successful then this can lead to repeat purchases and customer loyalty
      • Product Trial methods include advertising, public relations, free samples, viral marketing (facebook) low trial prices
      • Businesses want to keep customers loyal so that they generate sales and revenue, they do this by using special promotions, reminder adverts and customer loyalty schemes
    • Product Life Cycle
      • This involves the graph with introduction, growth, maturity and decline
      • Businesses can increase the life of a product by using extension strategies. This involves slightly changing the product so that it has a fresh appeal
      • There is also product portfolio analysis and cash flow
        • An example of a product portfolio analysis is the Boston matrix (star, dog, cash cow, question)

Comments

davidsalter

This mind map has been produced for the Edexcel GCSE and covers much of what needs to be learnt. Students can adapt it for their own purposes and can develop their own mind maps based on this.

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