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Busi 5th 13,14
| Question | Answer |
|---|---|
| Market research | Involves systematically gathering recording and analysing data about people, companies or markets to gain insights into consumers behaviours, preferences and market trends |
| What are the benefits of market research | 1. Helps businesses gain valuable insights into consumer behaviour. 2. Identify areas for improvement. 3. Develop targeted marketing campaigns |
| Target market | The group of consumers with common needs and wants that a business aims it’s product or service at |
| Niche market | A specialist market with small number of suppliers e.g bridal shoes. Identified through market research |
| What is market segmentation | Dividing the market into sections with common characteristics. Allows a firm to identify its target market |
| What are the 3 market segmentations | Geographic, demographic and psychographic |
| Define the 3 market segmentations | 1. Geographic, the market is divided into different geographic zones. 2. Demographic, the market is divided based on certain common characteristic. 3. Psychographic, the market is divided based on beliefs, attitudes, social status and lifestyle |
| Ethical marketing | Leads to higher brand loyalty and increase in market share, and reduces the risk of negative public relations. The concept of ethical marketing has honesty and transparency as core values. |
| Sustainable marketing | It involves developing and promoting products that have minimal negative impact on the environment. Sustainable sourcing of raw materials and reducing carbon emissions |
| What are the 7ps of marketing | Product, price, place, promotion, people, process, packaging |
| What is a product and product portfolio | Product: The good or service provided by a business. Product portfolio: The range of products a company sells e.g proctor & gamble |
| Product design | 1. Function, it must do what it is supposed to do. 2. Materials and manufacturing, the materials should be ethically sourced and with minimal damage to the environment. 3. Form, practical and easy to use. 4. Cost, cover the unit cost and make a profit |
| What is a Patent | Legal protection of an invention or a design of a product |
| What is a trademark | A logo legally registered by a business to distinguish them and their products from their competitors |
| What is branding | Creating an identity for a product that distinguishes it from it’s competitors |
| What are the benefits of branding | 1. Marketing 2. New products are easier to produce 3. Pricing 4. Customer loyalty. 5. Products may become the brand |
Created by:
Louie Masterson