Business Studies Unit 3.1 Marketing
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?- Created by: Jack Lupton
- Created on: 15-03-13 09:05
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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
- A market segment is a group of customers in a market that have similar characteristics and needs
- 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
- This is the gathering of information about customers, competitors and market trends through collecting both primary and secondary data
- This involves identifying and understanding customer needs and wants
- 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
- A product trial is when consumers buy a product for the first time to find out whether they want to buy it again
- 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)
- Marketing
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