Unit 2 business mind map revision

  • Created by: hanfa
  • Created on: 09-09-20 12:04
View mindmap
    • Marketing
      • Market research: the collection of data on consumer habits to help decision making in marketing
      • Target market the group of customers the business sells to
      • Market segments: splitting the market for a product into dicentra parts or segments
      • Primary research: data collected first hand in form of a survey e.g. questionnaires interviews trails focus groups.
      • The collection of data using research provided by others like magazines journals internet
    • Types of research
      • Qualitative data: data based on an opinion being asked
      • Data collected based on facts or numbers usually easier to analyse
      • Focus group: selected small groups of customers who give their opinion on products.
      • Census data: data collected by government every ten years questioning entire population
    • Types of pricing strategies
      • Competitor pricing: when a price isn’t set based on pricies charged by competitors for a sungle product
      • Cost plus: adds percentage of the profit to the total costs to making the product, it gives the selling price.
      • Penetration: price set lower that competitor business often used by new businesses to break into the market.
      • Skimming: when a product is more advanced and is still set higher for customers willing to pay more.
      • Promotional: where prices are reduced to give a product a boost/sell old stock
      • Innovation: when a old product is made better
      • Invention: a new product is invented
    • Development  of a business
      • product life cycle:
        • Introduction: product is first on sale
        • Growth: when sales are  growing  strongly as the new product or service became known
        • Maturity: sales are at the highest level
        • Decline: when sales are falling as the product isn’t seen by customers as old and they switch to new services or right products
      • Physical distribution: in person face to fafce trading
      • Digital distribution: trading done via internet/ online.
    • Types of promotion
      • Point of sale promotion: price reductions, extra offers
      • Advertising campaign: used to promote new products and bring buzz


No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Marketing mix resources »