A market segment is a group of customers in the same market which have similar characteristics e.g Male/Female, Age etc
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What is market research?
Market research is information that has been gathered to tell you more about the wants and needs of customers.
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What does market research show?
Market research shows how you can adapt your product/good to make it more suited for your target market.
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What is a product trial?
A product trial is when a customer will buy a product for the first time to test if they like it or not, and if they would want to purchase it again.
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What is repeat purchase?
Repeat purchase is when a customer likes the product that you have to offer, and continues to purchase it on a regular basis.
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What are the four stages of the product life cycle?
The four stages are: 1) Introduction 2) Growth 3) Maturity 4) Decline
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What happens in the stage of "Introduction" in the product life cycle?
Introduction - The product has just been brought into the market. Cash flow = Negative.
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What happens in the stage of "Growth" in the product life cycle?
Growth - The product becomes more well know and successful which leads to increase in sales. Cash flow = Positive but small.
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What happens in the stage of "Maturity" in the product life cycle?
Maturity - A lot of people know about your product and it is often being bought. Cash flow = Positive.
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What happens in the stage of "Decline" in the product life cycle?
Decline - The market no longer wants/needs your product and people stop buying it; this is often due to saturation. Cash flow = Negative
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How can you prevent decline?
You can prevent decline by using extension strategies; such as bringing out more products.
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What are the four stages of the Boston Matrix?
Star, Cash Cow, Problem Child, Dog.
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What is a brand?
A brand is a product that has a well known name to it, customers tend to rely of them more.
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What does a market map show?
Market maps show where your product/business will lay in the market.
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Identify the 4 P's of the marketing mix.
Price, Product, Place, Promotion.
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What is scientific research?
Scientific research uses scientific methods to create a new product.
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Identify the 3 parts of the design mix.
Function, Appearance, Cost.
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Explain what managing stock is in small detail.
Managing stock is about how a business may use their resources to manage how much of a certain product they may hold.
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What is "Just In Time" (JIT) stock control?
JIT is when a business organises their stocks so that they have the same amount of stock in all of the time. This means that as they sell a product, another of the same product is on it's way from the storage.
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Name two consumer protection laws and their services.
The Sale of Goods Act - All products must:-be of merchantable quality-match their description-be fit for purpose. The Trade Law Descriptions Act: All businesses must not:-give false info-withhold important info-act agressively(force the sale).
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Other cards in this set
Card 2
Front
Market research is information that has been gathered to tell you more about the wants and needs of customers.
Back
What is market research?
Card 3
Front
Market research shows how you can adapt your product/good to make it more suited for your target market.
Back
Card 4
Front
A product trial is when a customer will buy a product for the first time to test if they like it or not, and if they would want to purchase it again.
Back
Card 5
Front
Repeat purchase is when a customer likes the product that you have to offer, and continues to purchase it on a regular basis.
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