the process of gathering information about customers, competitors and market trends through primary or secondary data.
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Identify one way in which a business might collect quantitative market research data.
Questionnaires or surveys or tally counts or observations or other relevant answers with a scale response.
2 of 16
Explain one way in wich market research data might benefit a business.
Market research will enable a company to find out how many people are interested in its product or might be willing to buy it so the company can decide whether the product is appropriate for customers and if enough people will buy it to make a profit
3 of 16
What is meant by the term 'product trial'?
A method used by businesses to persuade customers to try out a product for the first time. Consumers buy the goods, then decide whether or not they want to buy it again.If customers like the product they are likely to make repeat purchases.
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What is meant by the term 'customer loyalty'?
Where customers continue to buy from the same business or buy the same product.
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Identify two possible extension strategies that a chocolate manufacturer might use.
1. Create new packaging. 2. Add new ingredients or flavours.
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Explain how one of the strategies you identified would extend the product life cycle of the new chocolate bar.
Developing a new packaging for the chocolate bar could make it more eyecatching therefore attarct customer attention. As chocolate bars are often bought on impulse this could help boost sales and revive the product.
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Explain one reason why a business might use an extension strategy in the maturity phase of the product life cycle.
In the maturity phase sales have peaked and sales growth will have slowed down. Launching a new product will be expensive. Using extension strategies may be a cheaper option. Changing the design of a product may encourage customers to buy the product
8 of 16
Describe how the Boston Matrix can benefit a business.
The Boston Matrix puts products into categories according the the growth rate and share of the market they have. It tells the business whether it has too many similar products or not and can help it to identify when it needs to introduce new products
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What is meant by the term 'product portfolio analysis'?
Product portfolio analysis allows a business to investigate the combination of products that it sells. It helps a business to make decision aout these combinations such as when to launch products to, or remove products from the market.
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Explain one way in which managing a product portfolio analysis can benefit a business.
Product portfolio analysis allowes a business to manage the different products in its product mix. It allows it to see which products are doing well and which are not. It can then assess the revenue, costs and profit they are generatingINFO
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Identify one possible method a business could use to differentiate its brand.
Quality or unique name or packaging or customer service.
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Explain one reason why a strong brand might benefit a business.
A strong brand might benefit a business because it will allow it to charge a premium price. As a result it will recieve greater sales revenue. This will increase the probability of higher profits.
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Explain one reason why place is an important aspect of the marketing mix.
If a business gets 'place' right they will make theur products more accessbile to customers. As a result it is likely that there will be greater customer awareness which could lead to increased sales overtime.
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Explain why direct is an important aspect of the marketing mix.
If a business gets 'direct' right they will get more attention from customers. As a result customers will feel more inclined and tempted to buying the product could lead to increased sales.
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Explain why retail is an important aspect of the marketing mix.
If a business gets 'retail' right they will improve the buying experience of customers. As a result this will lead to more praise and positive feedback towards the companies customer service which could lead to increased sales over time.
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Other cards in this set
Card 2
Front
Identify one way in which a business might collect quantitative market research data.
Back
Questionnaires or surveys or tally counts or observations or other relevant answers with a scale response.
Card 3
Front
Explain one way in wich market research data might benefit a business.
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