Unit 3.1 Marketing Mind Map

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  • Unit 3.1 Marketing
    • Businesses must identify and understand actual and potential customer needs.
    • price must allow profit
    • Market research should have relevant aims and objectives
    • Surveys are important in market research
    • Sampling is used on large amounts of people
    • Businesses have a portfolio of products
    • Market research use time and money
    • Market research is limited by accuracy
    • Product trial is useful to get products into the market
    • Repeat purchases show customer loyalty
    • Advertising is marketing
    • Product life cycle- Development, launch, growth, maturity, saturation and decline
    • Boston matrix- starts, cash cows, dogs and problem children
    • Branding helps new products
    • Product mix- how many products
    • Logos help branding




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