Unit 1:2 0.0 / 5 ? Business StudiesMarketing mixGCSEAQA Created by: EmilyDysonCreated on: 24-03-15 21:46 What is Market Research? Research that allows a business to find out about its market, customers and potential customers. 1 of 12 What is primary market research? Collecting new information about the market you are in. 2 of 12 What is secondary market research? Examining existing information about the market you are in. 3 of 12 What is the Marketing Mix? The four variables for which decisions must be made when markeing a product. 4 of 12 What is product range? The collective term given to all the products made and sold by a business. 5 of 12 What is product differentiation? Attempting to make your products stand out from those of rivals. 6 of 12 What is demand? The quantity of your products that consumers are willing to buy at a certain price. 7 of 12 What is promotion? The methods used by an entrepreneur to communicate with customers and raise awareness of their business. 8 of 12 What is the Channel of Distribution? The method used to transfer goods and services from the producer to the final consumer. 9 of 12 What is an intermediary? A business that buys products from manufacteurers and sells them on to the end consumer. 10 of 12 What is a wholesaler? A business that buys products in bulk from large manufacteurers and sells them on in smaller quantities to small, independant retailers. 11 of 12 What is E-Commerce? Transactions between customers and businesses carried out over the internet. 12 of 12
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