Business Studies Unit 3: Building a Business

Market Research

Primary: research carried out by company itself

Secondary: research done by someone outside of company

Qualitative and Quantitative Research - Qualitative is in-depth research, longer answers. Quantitative is more numerical, statistics etc.

Product Trial and Repeat Purchase

Trial - getting people to buy for the first time

Repeat - moving customers on from trial to loyalty - essential for success

Product Life Cycle

Introduction --> Growth --> Maturity --> Decline

The Boston Matrix

Rising Stars, Cash Cows, Problem Child, Dogs

Product Differentiation

Makes customers feel that there is a range to choose from

Building a successful marketing mix

The right product, right price, right place and right promotion