15 terms

Marketing GCSE

STUDY
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Define primary market research
gathering information for the first time that does not exist e.g. survey
Define secondary market research
using data that already exists, e.g. newspaper or website
Identify 5 research methods used for a business with a limited budget
1Telephone surveys 2Questionnaires 3Customer/Supplier feedback 4Focus groups 5Internet research
Explain two advantages of completing market research
1Gain information on customer tastes and trends 2Reduce your risk
Explain two disadvantages of completing market research
1 Costs involved 2 Information might not be completely accurate
Identify the Marketing Mix
Product, price, place, promotion
How will price affect demand
A small business can't charge too much as it doesn't have a well-established brand.
Product is
factors relating to your design, specifications and features of your product
USP stands for
unique selling point
Place is
The way in which products are distributed
Why is the Internet a useful channel of distribution
Small businesses don't usually have much money and a website can be mate very cheaply and be used to advertise to customers
Promotion is
Communicating something about your product i.e it exists or special offer
Explain suitable methods of promotion for a small business with a limited budget
1 Local newspaper and radio, 2 Website 3 Leaflet
What is E-Commerce
Offering your products for sale online via the internet/webpage
Identify 2 advantages of e-commerce for a start-up business
No rent costs for a shop and Wider target market/audience
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