Unit 3.1: Marketing

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GCSE Business Studies (Unit 3) Flashcards on Unit 3.1: Marketing, created by nk_ on 10/20/2013.

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Marketing Providing customers with a persuasive case for preferring your products to your competitors.
Primary Research When a firm carries out first hand research by fiel work e.g. conducting a survey.
Secondary Research Information from a second hand source that has been found out by another person e.g. government statistics, books or websites.
Qualitative Research In depth research using focus groups or in depth interviews, It is used to find out customers behaviors and attitudes.
Quantitative Research This deals with large quantities of data e.g.a sample of 500 for a survey.
Socio-Economic Group The customer's social class.
Product Trial The consumer samples a product for the first time.
Repeat Purchase The consumer regularly purchases a brand.
Brand Loyalty A strongly motivated and long-standing decision to purchase a particular product or service.
Extension Strategy An attempt to prolong the sales of a product and prevent it from declining.
Boston Matrix A 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.
Cash Cows Products with a high share and a (s)low market growth.
Star Product Products that have a high market growth and a high market share.
Problem Child Products with a low market share but a high market growth.
Dog Product Products with a low market share and a low market growth.
Logo A symbol or picture that represents a business.
Brand A product with a unique character, for instance a design or image.
Differentiation The process of making a product seem distinct from its competitors.
Unique Selling Point A key feature of a product that is not shared by any of its rivals.
Marketing Mix The 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
Public Image How a business is perceived by the general public e.g. The Co-Op is believed to be ethical because of how it markets itself.
Product Life Cycle The change in sales throughout the life of a product. It consists of Introduction, Growth, Maturity and Decline.
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