GCSE Business Studies - 3.1 Revision 0.0 / 5 ? Business Studies3.1 RevisionGCSEEdexcel Created by: nevexwhinnCreated on: 29-05-17 13:36 What is marketing? The process of identifying, anticipating and meeting customer needs profitably. 1 of 36 What is market research? The process of gaining information about customers, competitors and market trends through primary and secondary data. 2 of 36 What is primary / field research? Gathering new data first hand which is tailored to find out the specific information you require. 3 of 36 What is secondary / desk research? Gathering data and information that has already been collected before for a different purpose. 4 of 36 What is quantitative data? Data that can be expressed as numbers and can be statistically analysed. 5 of 36 What is qualitative data? Information about opinions, judgements and attitudes. 6 of 36 What is a survey / questionnaire? Research involving asking a list of questions, designed to gather information about customer needs. 7 of 36 What are respondents? Those who provide data during market research. 8 of 36 What is market segmentation? The process of splitting a market into smaller sub-groups of consumers with similar buying habits. 9 of 36 What is a market segment? Part of a market which contains a group of buyers with similar buying habits. 10 of 36 What is a sample? A small group out of the total population which is selected to take part in a survey. 11 of 36 What is product trial? When consumers buy a product for the first time and assess whether or not they want to buy it again. 12 of 36 What is repeat purchase? When a customer buys a product more than once. 13 of 36 What is customer loyalty? The willingness of buyers to make repeated purchases of a product or from a business. 14 of 36 What is public relation? Free promotion of a positive image through giving information to the public or press. 15 of 36 What is viral marketing? Spreading a message about a product or business through social networks. 16 of 36 What are retailers? Businesses which specialise in selling to consumers, eg. the general public. 17 of 36 What are trade buyers? Individuals who are employed by retailers to buy in stock for their stores. 18 of 36 What are wholesalers? Businesses which buy directly from the manufacturers and sell in bulk to retailers. 19 of 36 What is the Product Life Cycle? The stages a product passes through from its development to eventually being withdrawn from the market. 20 of 36 What are the six stages of the PLC? Research & Development (R&D), launch/introduction, growth, maturity, saturation and decline. 21 of 36 What is an extension strategy? A method used to extend the life of a product by increasing sales in order to prevent it from going into decline. 22 of 36 What is a product portfolio? The combination or range of products sold by a business. 23 of 36 What is the Boston Matrix? A model which is ued by businesses to analyse their product portfolio by classifying products according to market share and market growth. 24 of 36 What are the four categories of the Boston Matrix? Rising stars, cash cows, problem children/question marks and dogs. 25 of 36 What is a brand? A named product which consumers see as being different from other products. Consumers identify and have association with brands. 26 of 36 What is an own brand? A product sold under the brand name of a supermarket or chain retailer. 27 of 36 What is product differentiation? Making one product different from another in some way. 28 of 36 How can we differentiate products? Making the quality, design, packaging or branding different. 29 of 36 What is a premium price? A price above the average for products of a particular type. 30 of 36 What is the marketing mix? A combination of factors which help a business take into account customer needs when selling a product, usually summarised as the four Ps. 31 of 36 What are the four Ps of the marketing mix? Product, price, place and promotion. 32 of 36 What is a product? The good or service sold by the business. 33 of 36 What is a price? The amount customers are charged to purchase the product. Firms may chose a low penetration price or a high skimming pricing strategy. 34 of 36 What is a place? Having a product available to customers where they want to buy it. 35 of 36 What is promotion? Raising awareness and informing customers about a product and persuading them to buy it through methods including advertising and special offers. 36 of 36
OCR GCSE Business 1 Unit 3: People Revision Notes + How to answer exam questions 5.0 / 5 based on 1 rating
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