GCSE Business- UNIT 3

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  • Created by: DonaJ2002
  • Created on: 12-10-17 20:24
How can Effective Marketing Improve the Product?
Meets Customer Satisfaction= Sales Increase
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Method of collecting Qualitative Data:
1. Focus Groups 2. Observations
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Method of Collecting Quantitative Data:
1. Observations 2. Surveys
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How might Qualitative Data help improve Market Mix?
Understand the customers and what they want= improve Market Mix= Increase in Sales
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What is the Product Life Cycle?
Four Stages of a Product(s) to show Business whether it needs improving and if they need to take action if in critical stage of Decline.
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Four Stages of Product Life Cycle:
1. Launch 2. Growth 3. Maturity 4. Decline
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What is the Boston Matrix?
Used to Analyse a Product Portfolio (Range of Products Sold by Business)
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Four Positions of Boston Matrix:
1. Stars 2. Cash Cow 3. Question Mark/ Problem Child 4. Dogs
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What is Stars?
High in Market & Fast Growing
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What is Cash Cows?
High in Market & Slow Growing
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What is Question Mark/ Problem Child?
Low in Market & Fast Growing
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What is Dogs?
Low in Market & Slow Growing
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What is Product Trial?
A temporary offering intended to provide market information by allowing consumers to examine, use or test prior launching
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How can Product Trial help with Repeat Purchase?
Customers especially Adoptive Customers Buy Product then Generate Repeat Purchase Leading to Increase in Sales
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Link Brand, Product Trial & Repeat Purchase
Brand- Product Trial- Repeat Purchase E.g. 1= Known Brand wants to know if customers would Buy Product so they Trial it then if Successive= Repeat Purchase+ Word Of Mouth
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Other cards in this set

Card 2

Front

Method of collecting Qualitative Data:

Back

1. Focus Groups 2. Observations

Card 3

Front

Method of Collecting Quantitative Data:

Back

Preview of the front of card 3

Card 4

Front

How might Qualitative Data help improve Market Mix?

Back

Preview of the front of card 4

Card 5

Front

What is the Product Life Cycle?

Back

Preview of the front of card 5
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