Flashcards
Unit 3.1: Marketing
Cards in this deck (22)
- 1MarketingProviding customers with a persuasive case for preferring your products to your competitors.
- 2Primary ResearchWhen a firm carries out first hand research by fiel work e.g. conducting a survey.
- 3Secondary ResearchInformation from a second hand source that has been found out by another person e.g. government statistics, books or websites.
- 4Qualitative ResearchIn depth research using focus groups or in depth interviews, It is used to find out customers behaviors and attitudes.
- 5Quantitative ResearchThis deals with large quantities of data e.g.a sample of 500 for a survey.
- 6Socio-Economic GroupThe customer's social class.
- 7Product TrialThe consumer samples a product for the first time.
- 8Repeat PurchaseThe consumer regularly purchases a brand.
- 9Brand LoyaltyA strongly motivated and long-standing decision to purchase a particular product or service.
- 10Extension StrategyAn attempt to prolong the sales of a product and prevent it from declining.
- 11Boston MatrixA planning tool which can compare the products of a business and work out which ones have the best prospects for the future. The 4 areas are: Star Product, Problem Child, Cash Cow, Dog Product.
- 12Cash CowsProducts with a high share and a (s)low market growth.
- 13Star ProductProducts that have a high market growth and a high market share.
- 14Problem ChildProducts with a low market share but a high market growth.
- 15Dog ProductProducts with a low market share and a low market growth.
- 16LogoA symbol or picture that represents a business.
- 17BrandA product with a unique character, for instance a design or image.
- 18DifferentiationThe process of making a product seem distinct from its competitors.
- 19Unique Selling PointA key feature of a product that is not shared by any of its rivals.
- 20Marketing MixThe things a business needs to consider in order to be successful. They are Price, Product, Place and Promotion which are known as the 4 P's
- 21Public ImageHow a business is perceived by the general public e.g. The Co-Op is believed to be ethical because of how it markets itself.
- 22Product Life CycleThe change in sales throughout the life of a product. It consists of Introduction, Growth, Maturity and Decline.
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- GCSE Business Studies (Unit 3) Flashcards on Unit 3.1: Marketing, created by nk_ on 20/10/2013.
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