Business Studies examination revision

What is the Boston Matrix ?

• Its a matrix from Boston

• 2X2 Matrix model that analyses a product portfolio accoding to the growth rate of the market /market share of products in the market

• Its the product portfolio

• Its a marketing strategy

Methods used to prolong the life of a product are called

• Market dynamics

• Product line

• Shelf life

• Extension strategies

A group of products that are very similar

• Product lines

• Competitive edge

• Look alikes

• You are so worth it

The collection of products a business is currently marketing

• The suitcase

• A buzz of gluttony

• Product portfolio

• Collectors items

A set of plans that aim to achieve a specific marketing objective

• Marketing strategy

• Business plan

• Aims and objectives

• Mark my word you are going somewhere

What pricing strategy might be used in the launch stage of the product life cycle ?

Answer explanation

It depends on the nature of the product. A product or service that is innovative and difficult to replicate might lend towards a pice skimming strategy.

A product that has substitutes might lend towards a competitive pricing strategy!

Give three examples of possible extension strategies

Answer explanation

1. Product adjustment

( freshen up the product perhaps by changing an element of the design mix)

2. extend the product range e.g.by intodicng new flavours .Walkers crisps is an example

3.Promotion ( boost flagging sales by investing in promotion campaigns )

What is meant by a 'Question mark ' in the Boston matrix ?

Answer explanation

These are sometimes known as problem children or wildcats.They have a low market share in a fast growing market.Net cash flow is likely to be zero or negative

How might businesses distribute their products in a mass market ?

Answer explanation

In the mass market multiple channels can be used e.g products can be ditributed via supermarkets, wholesalers, independents and other outlets.E-commerce has made it quite easy for small businesses to have access to mass markets

What is the difference between outbound and inbound B2B marketing ?

Answer explanation

Outbound marketing strategies involves directing marketing material at potential customers whteher they are expecting it or not.e.g. sponsorship

Inbound marketing strategies involves attracting potential customers to websites when they are looking for suppliers or solutions to problems