GCSE Business Studies - 3.1 Revision

What is marketing?
The process of identifying, anticipating and meeting customer needs profitably.
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What is market research?
The process of gaining information about customers, competitors and market trends through primary and secondary data.
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What is primary / field research?
Gathering new data first hand which is tailored to find out the specific information you require.
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What is secondary / desk research?
Gathering data and information that has already been collected before for a different purpose.
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What is quantitative data?
Data that can be expressed as numbers and can be statistically analysed.
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What is qualitative data?
Information about opinions, judgements and attitudes.
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What is a survey / questionnaire?
Research involving asking a list of questions, designed to gather information about customer needs.
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What are respondents?
Those who provide data during market research.
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What is market segmentation?
The process of splitting a market into smaller sub-groups of consumers with similar buying habits.
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What is a market segment?
Part of a market which contains a group of buyers with similar buying habits.
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What is a sample?
A small group out of the total population which is selected to take part in a survey.
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What is product trial?
When consumers buy a product for the first time and assess whether or not they want to buy it again.
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What is repeat purchase?
When a customer buys a product more than once.
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What is customer loyalty?
The willingness of buyers to make repeated purchases of a product or from a business.
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What is public relation?
Free promotion of a positive image through giving information to the public or press.
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What is viral marketing?
Spreading a message about a product or business through social networks.
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What are retailers?
Businesses which specialise in selling to consumers, eg. the general public.
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What are trade buyers?
Individuals who are employed by retailers to buy in stock for their stores.
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What are wholesalers?
Businesses which buy directly from the manufacturers and sell in bulk to retailers.
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What is the Product Life Cycle?
The stages a product passes through from its development to eventually being withdrawn from the market.
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What are the six stages of the PLC?
Research & Development (R&D), launch/introduction, growth, maturity, saturation and decline.
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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.
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What is a product portfolio?
The combination or range of products sold by a business.
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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.
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What are the four categories of the Boston Matrix?
Rising stars, cash cows, problem children/question marks and dogs.
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What is a brand?
A named product which consumers see as being different from other products. Consumers identify and have association with brands.
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What is an own brand?
A product sold under the brand name of a supermarket or chain retailer.
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What is product differentiation?
Making one product different from another in some way.
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How can we differentiate products?
Making the quality, design, packaging or branding different.
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What is a premium price?
A price above the average for products of a particular type.
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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.
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What are the four Ps of the marketing mix?
Product, price, place and promotion.
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What is a product?
The good or service sold by the business.
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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.
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What is a place?
Having a product available to customers where they want to buy it.
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What is promotion?
Raising awareness and informing customers about a product and persuading them to buy it through methods including advertising and special offers.
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Other cards in this set

Card 2

Front

What is market research?

Back

The process of gaining information about customers, competitors and market trends through primary and secondary data.

Card 3

Front

What is primary / field research?

Back

Preview of the front of card 3

Card 4

Front

What is secondary / desk research?

Back

Preview of the front of card 4

Card 5

Front

What is quantitative data?

Back

Preview of the front of card 5
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