Business UNIT 3- Topic 1 Marketing 39-47 0.0 / 5 ? Business StudiesMarketing mixGCSEEdexcel Created by: DonaJ2002Created on: 26-01-18 12:11 What is marketing? Involves understanding customer needs then produce products and services that meet the needs. 1 of 15 Why is marketing important? 1. Reduce risk of failure 2. Understand customers 3. Keep up to date with trends 2 of 15 Name 3 step process of marketing 1. Understand customers' needs 1. Develop+test product 3. Selling product to customers 3 of 15 What is market segmentation and give an example. Group of customers with similar characteristics and needs e.g. Car market- type of car people drive- sport people carrier 4 of 15 Name 2 benefits of segmentation 1. Tailor products to customer needs 2. Better opportunities for growth 3. Retain more customers 5 of 15 What is market research and how is it collected? Gather info-customers, competitors + market trends- collected via primary + secondary data 6 of 15 What is a benefit of market research? Help a business to make decisions to grow and survive 7 of 15 What are 3 stages of market research? 1.Plan research- aims of research, primary, secondary, qualitative or quantitative? 2. Do research- Time limits 3. Analyse info+ make a decision 8 of 15 What questions can you ask after analyzing the market research? 1. Does product need change to meet needs? 2. Is it time to change a product? 9 of 15 Name methods of primary research 1. Focus groups 2. Questionnaires 3. Obs 10 of 15 Name methods of secondary research 1. Newspapers 2. Gov. stats 3. Market reports 11 of 15 What is product trial and repeat purchase? Product trial= Consumers purchase trial product for first time to assess to buy or not- if successful= Repeat purchase+loyalty= keep coming back 12 of 15 Name 3 methods of product trial 1. PR 2. Viral Marketing (FB) 3. Free samples 13 of 15 3 methods of achieving repeat purchase/customer loyalty 1. Special promotions 2. Loyalty cards 3. Good Customer service 14 of 15 How might a business change their marketing activity over time? . 15 of 15
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