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GCSE Unit 3 S1

Edexcel GCSE Business Unit 3 Section 1

QuestionAnswer
1. What is marketing? 2. What is market research? 1. Marketing is the area of business responsible for researching, identifying and fulfilling customer needs. 2. Market research is the process of gathering information about current customer needs, changing trends and competitor’s actions
Why carry out market research? 1. Understand customer needs 2. Understand changes in the market 3. Be aware of competitors actions 4. Reduce the risk of developing products that won’t sell
What are the 3 stages of market research? 1. Design the research 2. Undertake the research 3. Analyse the information
Why does a large business like Barclays need to use sampling when conducting market research? Due to the size of Barclays bank they are likely to have millions of customers. It would be too time consuming and expensive to survey every bank customer and even if they could the analysis would also take too long.
What is the difference between a random sample and a quota sample? In a random sample every potential respondent has a chance of being picked. A quota sample is choosing a set number of people from different segments. E.g. for a survey of 100 people • 10 people– Age 15-18 • 30 people – Age 19-24
State three ways businesses get customers to try a product? 1. Advertising 2. Publicity (Public Relations) including Viral Marketing 3. Free Samples 4. User testing 5. Penetration Pricing 6. Incentives for trade buyers
Businesses benefit from repeat purchase because….. It creates customer loyalty and less has to be spent on marketing in the future
4 phases of the product life cycle are… 1. Development and Launch 2. Growth 3. Maturity and Saturation 4. Decline
State three extension strategies Can you give them context to Pepsi Cola? 1. Find a new use for the product 2. Develop a wider product range 3. Change the packaging format 4. Encourage use of the product on more occasions – 5. Adapt the product – New and improved 6. Reduce the price
When in the product life cycle is cash flow likely to be a) Low and possibly negative b) Highest a) In the development and launch phase b) In the maturity phase
What is the Boston Matrix? A tool used to analyse a business’s product portfolio. It helps to judge which products might be performing well and which might need support.
What are the 4 axis in the Boston Matrix labelled as? What are the four areas of the Boston Matrix? 1. Market Growth (High/Low) 2. Market Share(High/Low) 1. Cash Cow 2. Rising Star 3. Problem Child or ? 4. Dog
State 3 reasons why a brand is important? 1. Repeat purchase 2. Product Trial 3. Easier to expand the product range
What is the main downside to owning a strong brand? The marketing is expensive. Large companies need to spend millions on developing the brand image
State 2 ways in which products can be differentiated? 1. Design 2. Name 3. Packaging 4. Differentiating across the value chain
a) What are the 4 elements of the marketing mix? b) Which is usually considered most important? c) State 2 examples of promotion that are not advertising for a business of your choice 1. Product 2. Price 3. Place 4. Promotion b) Product c) Sales promotions (discounts/vouchers/competitions, etc.) Public Relations Packaging Direct Mailing or E-mailing
Created by: mrholland
 

 



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