Business - Unit 3

U

HideShow resource information
What is marketing?
The process of identifying, understanding and anticipating customer needs profitably
1 of 14
Why do businesses think about marketing? (4)
Reduces risk of product failure, helps understand customers, can keep up to date with market trends and communicate products effectively
2 of 14
What is a market segment?
a group of customers with similar characteristics and buying habits
3 of 14
What is the benefits of market research? (2)
It helps to: carry out market research, tailor products and target specific customers
4 of 14
What are the three stages of market research? (3)
Planning and designing the research, doing it and analysing the information
5 of 14
What is a product trial?
When consumers trial a product for the first time and assess whether or not they want to buy it again
6 of 14
What could product trial lead to?
Repeat purchases and customer loyalty
7 of 14
What methods could you use to encourage product trial? (5)
Advertising, Public relations, Free samples, Viral marketing and low trial prices
8 of 14
What are ways to encourage repeat purchases? (4)
Special promotions, reminder adverts, product innovations, customer loyalty schemes (loyalty cards)
9 of 14
Why do businesses encourage repeat purchases?
The cost of trying to get more product trials is less expensive that attracting new customers
10 of 14
What are the 4 stages of product life cycle?
Introduction, growth, maturity, decline
11 of 14
What are extension strategies?
Slightly changing a product in order to appeal to a new market segment and increase its product life
12 of 14
What is a product portfolio?
The range of products a business sells
13 of 14
What does a product portfolio help a business to do? (4)
Know when to launch a new product, when to withdraw a product, when products are doing well or badly and how to increase sales
14 of 14

Other cards in this set

Card 2

Front

Why do businesses think about marketing? (4)

Back

Reduces risk of product failure, helps understand customers, can keep up to date with market trends and communicate products effectively

Card 3

Front

What is a market segment?

Back

Preview of the front of card 3

Card 4

Front

What is the benefits of market research? (2)

Back

Preview of the front of card 4

Card 5

Front

What are the three stages of market research? (3)

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Unit 3 resources »