Business unit 1 booklet 2 0.0 / 5 ? Business StudiesMarketing mixGCSEAQA Created by: ChloeedannielleCreated on: 25-04-15 17:11 Market Research Research that allows a business to find out about its market, its customers and its potential customers. 1 of 15 Primary market research Collecting new information about the market you're in 2 of 15 Secondary market research Examining existing information about the market you're in 3 of 15 Market Mix The four variables for which decisions must be made when marketing a product 4 of 15 Product The good or service that the business is offering to customers 5 of 15 Price The amount charged by the business for its goods or services 6 of 15 Place The methods used by the business to sell its products to customers 7 of 15 Product range The collective term given to all the products made and sold by a business 8 of 15 Product differentiation Attempting to make your products stand out from those of rivals 9 of 15 Demand The quantity of your products that consumers are willing to buy at a certain price 10 of 15 Promotion The methods used by an entrepreneur to communicate with customer and raise awareness of their business 11 of 15 Channel of dstribution The method used to transfer goods and services from the producer to the final consumer 12 of 15 Intermediary A business that buys products from manufacturers and sells them on to the end consumer 13 of 15 Wholesaler A business that buys products in bulk from large manufactures and sells them on in smaller, independent retailers 14 of 15 E-commerce Transactions between customers and businesses carried out over the internet 15 of 15
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