business unit 3

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  • Created by: Tamo
  • Created on: 31-01-16 20:02
what is meant by Market Research?
market research is gathering information about customers, competitors and market trends by collecting primary and secondary data.
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what are the 3 stages in market research?
1. planning and designing the research 2. Doing the research 3.analysing the information
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What is meant by Product Trail?
Is when consumers buy a product for the first time to assess weather or not they want to buy it again
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what is meant by repeat purchase?
If the product trail is successful it leads to customer loyalty and that's when customers want to buy the product more than once, this is called repeat purchase
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What methods will businesses use to get their customers to try a new product for the first time?
1. advertising 2.free samples 3.public relation 4.viral marketing, such as facebook 5.low trail prices
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How do businesses aim to keep customers loyalty?
1.special adverts 2.Reminder adverts 3.product innovation 4.customer loyalty schemes
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what is the effect of the extension strategie on the product?
this involves slightly changing the product so that it has a fresh appeal to the target market or appeal to a new market segment, therefore it attracts customers to want to buy the product.
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what is product mix/product portfolio?
It is the range of products a business sales. New products are always launched onto the market. Product portfolio help a business to decide: what products to launch and when, when to withdraw a product, what products are doing well or badly
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what is the Boston Matrix?
It puts products into categories according to the growth rate and share of market. It tells the business weather it has too many similar products or not, it helps to identify what products to introduce and to withdraw
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What is branded product?
It is a named product, which consumers see as being different from other products and which they can associate and identify with
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what are the benefits of branded products?
1.more product trail 2.encourage customer loyalty 3.trusted leading to repeat purchase 4.can charge a premium price 5.greater awareness of the brand 6.lead to increased sales and market share
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what is meant by product differentiation?
It is about making a product different from others in some way
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what does product differentiation help a business?
1. to position their product and target different target segment 2.to gain advantage over competitors
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How can a business differentiate their product?
1.Unique name 2.quality 3.Design, formation, function 4.packaging 5.customer service 6.differentiation across the value chain
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Define Marketing mix?
the marketing mix is a combination of factors which help a business to take into account customer needs when selling a product
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Card 2

Front

what are the 3 stages in market research?

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1. planning and designing the research 2. Doing the research 3.analysing the information

Card 3

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What is meant by Product Trail?

Back

Preview of the front of card 3

Card 4

Front

what is meant by repeat purchase?

Back

Preview of the front of card 4

Card 5

Front

What methods will businesses use to get their customers to try a new product for the first time?

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