S3 Business Marketing Revision

Identify various ways organisations can segment the population.

• Age, Gender, Income, Religion, Location etc

• Only Demographic

• Only Geographic

• Only Psychographic

Describe the term ‘target marketing’.

• Target marketing is the process of identifying and reaching specific groups of consumers who are most likely to purchase a product or service.

• Target marketing is a strategy that involves mass marketing to all consumers regardless of their preferences.

• Target marketing refers to the practice of selling products at a discount to increase sales volume.

• Target marketing is the process of creating a new market segment for a product.

Describe why it is important an organisation carries out market research.

• To understand customer needs and preferences

• To increase production costs

• To reduce employee turnover

• To avoid legal issues

What are the two types of market research.

• Primary and Secondary Research

• Qualitative and Quantitative Research

• Field and Desk Research

• Descriptive and Analytical Research

Which of the following are methods a business could use to carry out field research?

• Surveys, Interviews, Observations, Hall Tests

• Websites, Government Statistics, Magazine/Newspaper Articles

Describe 3 advantages and 3 disadvantages of FIELD research.

• Field research provides real-world context, allows for in-depth data collection, and can lead to new insights, but it can be time-consuming, expensive, and may lack control over variables.

• Field research is quick, inexpensive, and offers controlled environments, but it lacks real-world context, depth, and may not lead to new insights.

• Field research is always the best method for any study, offering both speed and cost-effectiveness without any disadvantages.

• Field research is only useful for qualitative studies and cannot be applied to quantitative research.

Which of the following are advantages of DESK research?

• Cost-effective, Time-saving, Easily accessible data

• Limited depth, Outdated information, Lack of control

• Requires fieldwork, Expensive, Time-consuming

• Involves primary data collection, Requires large sample size, Complex analysis

Outline the stages of the product life cycle

• Introduction, Growth, Maturity, Decline

• Launch, Expansion, Peak, Reduction

• Start, Rise, Plateau, Fall

• Beginning, Increase, Stability, Decrease

Describe the term brand.

• A name, term, design, symbol, or other feature that distinguishes an organization or product from its rivals in the eyes of the customer.

• A type of product manufactured by a particular company under a particular name.

• A unique design, sign, symbol, words, or a combination of these, employed in creating an image that identifies a product and differentiates it from its competitors.

• All of the above.

Explain the advantages and disadvantages of branding to a business.

• Branding increases customer recognition and loyalty but can be costly and time-consuming.

• Branding has no impact on customer recognition and loyalty.

• Branding decreases customer recognition and loyalty but is cost-effective.

• Branding is only beneficial for large businesses.