Unit 2 business mind map revision
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- Created on: 09-09-20 12:04
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- UNIT 2 BUSINESS
- 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.
- product life cycle:
- Types of promotion
- Point of sale promotion: price reductions, extra offers
- Advertising campaign: used to promote new products and bring buzz
- Marketing
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