Business unit 3.1

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  • Created by: 13evewat
  • Created on: 18-04-18 14:57
Market Research
The gathering of information about customers, competitors and market trends by collecting primary and secondary data.
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Primary Data
Data that has never been collected before.
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Secondary Data
Data that has previously been collected. E.g government statistics.
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Product Trial
When a cosumer buys a product for the first time and decides whether they want to buy the product again.
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Methods of Product Trial
Advertising, public relations, free saples, low trial prices and viral marketing.
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Stages of the Product Lifecycle
Introduction, Growth, Maturity and Decline
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Extention Strategy
Dlightly changing a product so that it has a fresh appeal to the target market or appeals to a new target segment.
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Boston Matrix
A product portfolio analysis tool used to plan thedevelopment of products.
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Boston Matrix Sections
Star has high market share and high market growth. Cash cow has high market share and low market growth. Problem child has high market growth and low market share. Dogs have low market share and low market growth.
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Brand
A named product which consumers can see as being different from other products and which they can associate and identify with.
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Product Differentiation
Making a product different from others in some way and it allows consumers to clearly see that their needs are being met.
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Market Mapping
Shows the difference between strongly branded products and weakly branded products.
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Marketing Mix
Product, price, place, promotion.
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Other cards in this set

Card 2

Front

Data that has never been collected before.

Back

Primary Data

Card 3

Front

Data that has previously been collected. E.g government statistics.

Back

Preview of the back of card 3

Card 4

Front

When a cosumer buys a product for the first time and decides whether they want to buy the product again.

Back

Preview of the back of card 4

Card 5

Front

Advertising, public relations, free saples, low trial prices and viral marketing.

Back

Preview of the back of card 5
View more cards

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