Business - Unit 3 U 5.0 / 5 based on 10 ratings ? Business StudiesUnit 3GCSEEdexcel Created by: SumamabrukCreated on: 29-04-16 13:52 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
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