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Chapter 01

What is meant by the term ‘market research’?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

The process of gaining information about customers, competitors and market trends.

This can be done through primary and secondary research methods.
Chapter 01

How can you collect qualitative market research data?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

1. Focus Groups
2. Consumer Panels
3. Questionnaires
Chapter 01

How can you collect quantitative market research data?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

1. Questionnaires
2. Past Sales Records
3. Internet
Chapter 01

What are respondents?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

Those who provide data for a survey usually by answering questions
Chapter 01

What are the methods of primary research?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

1. Focus Groups
2. Consumer Panels
3. Questionnaires
4.  Observations
5. Surveys
6. Experiments
Chapter 01

What are the methods of secondary research?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

1. Government statistics
2. Newspapers
3. The internet
Chapter 01

What is a sample?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

A small group out of the total population which is selected to take part in a survey
Chapter 01

What is a survey?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

Research involving asking questions of people or organisations
Chapter 01

What is marketing?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

The management process that is responsible for anticipating, identifying and satisfying customer needs profitably
Chapter 01

What is Primary research / primary research data?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

information that has been gathered for a specific purpose through direct investigation - you have gathered and analysed the information yourself
Chapter 01

What is qualitative market research data?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

Data about opinions, judgements of people or organisations
Chapter 01

What is secondary research / data?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

information that already exists - someone else has already collected it for another purpose and has published it for you to use
Chapter 01

How can you collect market research data?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

1. Questionnaires
2. Focus Groups
3. Experiments
Chapter 01

State two methods of collecting quantitative market research a business could use.

Edexcel 2BS01 Business Studies GCSE Unit 3.1
1. Surveys
2. Questionnaires
3. Internet
4. Office for National Statistics
5. Market Reports
Chapter 01

What is a market segment?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

Part of a market that contains a group of buyers with similar buying habits
Chapter 01

What is a questionnaire?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

A list of questions to be answered by respondents, designed to give information about consumers’ tastes
Chapter 01

What is public relations?

Edexcel 2BS01 Business Studies GCSE Unit 3.1
Promotion of a positive image about a product or business through giving information about the product to the general public, other businesses or to the press
Chapter 01

What is  quantitative market research data?

Edexcel 2BS01 Business Studies GCSE Unit 3.1
 
Data that can be expressed as numbers and can be statistically analysed
Chapter 01

Why might market research data benefit a business?

Edexcel 2BS01 Business Studies GCSE Unit 3.1
 
1. A company will be able to find out how many people are interested in its products or services
2. A company can discover the price that people are willing to pay
3. A company will be able to find out often people are will buy their products or services.
Chapter 02

What are the ways in which a business might increase the likelihood of repeat purchase

Edexcel 2BS01 Business Studies GCSE Unit 3.1

1. Product must meet or exceed customer expectations
2. The product should seem to offer value for money 
3. The brand must match the image the customer has of it
4. The customer should be made to feel that they cannot live without the product
Chapter 02

What is a retailer?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

Businesses which specialise in selling goods in small quantities to the consumer
Chapter 02

What is a trade buyer?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

Buyers of goods which then sell those goods on to consumers or other buyers; they include supermarket chains and wholesalers
Chapter 02

What is a wholesaler?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

Businesses which buy in bulk from a manufacturer or other supplier and then sell the stock on in smaller quantities to retailers
Chapter 02

What is customer loyalty?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

The willingness of buyers to make repeat purchases of a product or from a business
Chapter 02

What is product trial?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

When consumers buy a good for the first time and assess whether or not they want to buy it again
Chapter 02

What is repeat purchase?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

When a customer buys a product more than once
Chapter 02

Give two positive and two negative reasons why is it important to give away free products in order to build a successful marketing mix.

Edexcel 2BS01 Business Studies GCSE Unit 3.1
Possible Points (Positive):-
1. Enhances the brand
2. Attracts a given target market
3. Relatively cheap source of advertising Possible Points (Negative):-
1. Other elements of the marketing mix may be more important
2. Only works if quality is excellent
Chapter 02

What are the different methods of ‘product trial’ that a business could use?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

1. Advertising
2. Free Samples
3. Money off vouchers
4. Low initial prices
Chapter 02

What is viral marketing?

Edexcel 2BS01 Business Studies GCSE Unit 3.1
 
Getting individuals to spread a message about a product through their social networks like Facebook or their group of friends
Chapter 02

Why is repeat purchase important?

Edexcel 2BS01 Business Studies GCSE Unit 3.1
 
It allows a business to develop brand loyalty with its customers
Chapter 03

If a product is just being launched onto the market, it is said to be in which phase of the product life cycle?

Edexcel 2BS01 Business Studies GCSE Unit 3.1
Growth
Maturity
Introduction
Decline
Chapter 03

What is the Boston Matrix?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

A model or tool which analyses a product portfolio according to the growth rate of the whole market and the relative market of a product within that market.  A product is placed in one of the 4 elements
Chapter 03

What is meant by the term product portfolio?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

The range or combination of products that a business sells
Chapter 03

What is product portfolio analysis?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

Investigation of the combination of products sold by a business
Chapter 03

How can managing a product portfolio benefit a business?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

1. The company will know which part of the product life cycle their products are at
2. The company will know which part of the boston matrix their products are in 
3. The company will be able to see if they need to develop new products
4. The company will be able to see if they need to get rid of old products that are no longer performing well
Chapter 03

What are the elements of the Boston Matrix?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

Cash Cow
Star
Dog
Problem Child
Chapter 03

What are the extension strategies a business might use to extend the product life cycle?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

1. Re-branding
2. Changing the product in some way
3. Increase promotion such as advertising
4. Lower prices
Chapter 03

What are the phases (or stages) of the product life cycle?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

Growth
Maturity
Saturation
Decline
Chapter 03

What are the three additional phases (or stages) of the product life cycle

Edexcel 2BS01 Business Studies GCSE Unit 3.1

Research & Development
Launch
Withdrawal
Chapter 03

What is research and development?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

The process of scientific and technological research and then development of the findings of that research before a product is launched
Chapter 03

What is the product life cycle?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

The stages through which a product passes from its development to being withdrawn from sale; the phases are research and development, launching the product, growth, maturity, saturation and decline
Chapter 03

Why is using the Boston Matrix a vital tool for a business?  (How can it benefit a business)?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

1. Helps businesses understand how their products are doing
2. Can help the business balance their product portfolio
3. The company will be able to see if they need to develop new products
4. The company will be able to see if they need to get rid of old products that are no longer performing well 
Chapter 03

How do extension strategies extend the product life cycle?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

They cause the sales to increase
Chapter 03

What is an extension strategy?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

A method used to increase the life of a product and prevent it falling into decline
Chapter 04

How can a business manage its brand?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

1. Through their product
2. Through their promotion
3. Through their place (location)
4. Through their prices
Chapter 04

How can a business differentiate itself?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

1. Give the product a USP
2. Make it more convenient
3. Lower prices
4. Offer faster delivery / service
5. Better value for money
Chapter 04

What is an "own" brand?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

A product which is sold under the brand name of a supermarket chain or other retailer rather than under the name of the business which manufactures the product
Chapter 04

What is branding? (What is a brand?)

Edexcel 2BS01 Business Studies GCSE Unit 3.1

A named product which consumers see as being different from other products and with which they can associate
Chapter 04

What is differentiation?

Edexcel 2BS01 Business Studies GCSE Unit 3.1

Making one product different from another in some way, for instance through quality of a product, its design, packaging or advertising
Chapter 04

What is the role of branding in a business?  (Why is it important to have a strong brand)?

Edexcel 2BS01 Business Studies GCSE Unit 3.1
 
1. To allow a product to stand out in the marketplace
2. Increases repeat purchase
3. Allows the firm to add value
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