businesses and their customers 0.0 / 5 ? Business StudiesPeople in businessGCSEWJEC Created by: amylingCreated on: 23-05-16 19:01 why does a business carry out market reseach to help identify gaps in the market and gives the business oportunities 1 of 29 what is the marketing mix all the activities need to market a product 2 of 29 what are the 4 Ps? product, promotion, price, place 3 of 29 what is premium pricing? when a product is unique or luxury 4 of 29 penetration pricing? when the market is already saturated, low price to build a customer base 5 of 29 What is skimming? started at a high price which is lowered overtime, for new and unique products 6 of 29 cost based pricing? based on the cost to manufacture 7 of 29 what is destruction pricing? aimed to destroy competition 8 of 29 what is competitor based pricing? same or slightly lower than competitor 9 of 29 what is psyschological pricing using £1.99 instead of £2 10 of 29 what is loss leaders? selling 1 or 2 items at a low price 11 of 29 what factors affect price? cost of production, need for profit, what competitors charge, season, what the market are willing to pay, quantity of stock 12 of 29 why is product important? because business always try to provide the products customers want 13 of 29 what is the product mix? when a business has more than one product or service they provide 14 of 29 what is product range? a business should sell a range of different products 15 of 29 why do products need packaging? to protect the goods, give product details, contain goods, differentiate goods 16 of 29 why is place important? becuase the products must be available in the store when required otherwise the customer will go to the competitor 17 of 29 what are advantages of e-commerce? global market, low costs, wide range of products 18 of 29 disadvantages of e-commerce? training, recruitment, security, only image available 19 of 29 why do businesses switch to e-commerce? because of competition, productivity, increased profit, new markets, new products, 7 day opening 20 of 29 why is price important? it gives you an idea of what end of the market a product is 21 of 29 why is promotion important? the consumers will not know about he product if it is not promoted 22 of 29 give 4 different types of advertising social media, tv, leaflets, packaging 23 of 29 what is sales promotion? a method of promotion which aims to give a short term boost in sales 24 of 29 what is direct mail a method of promotion which involves targeting particular customers by sending advertising leaflets through post 25 of 29 what is market segmentation? the classification of customers into groups or sub-groups, each of which responds differently to different products or marketing aproaches 26 of 29 gives 5 ways the market is segemented income, gender, age, location, culture 27 of 29 what is the product life cycle research/development , introduction , growth , maturity , saturation , decline 28 of 29 what are marketing constraints laws- preventing business from false advertising, consumers- may not like the way businesses are advertising giving it bad reputation , code of practise- rules whixh businesses voluntarily agree to keep but they have no legal status 29 of 29
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