marketing

• What is key for an entrepreneur's success?

  Identifying and fulfilling customers' needs
• Where do most business ideas originate from?

  Spotting a need for a product or service
• What are the four main customer needs for businesses?

  • Price
  • Quality
  • Choice
  • Convenience
• What does price refer to in a business context?

  How much a business charges for its product
• What do customers want when purchasing a product?

  A fair price and value for money
• How should price relate to product quality?

  Price should match the quality offered
• What might customers expect from a high-priced jewellery item?

  High quality and rarity
• What do customers expect when paying a low price?

  A lower level of quality
• What does quality refer to in a business context?

  The standard of the product or service
• How does the price of a handbag affect customer expectations?

  Higher prices lead to higher quality expectations
• What is choice in the context of customer needs?

  The range of products or services available
• Why is choice important for businesses?

  It caters to different customer needs and desires
• How can e-commerce enhance customer choice?

  By offering a wider range of products
• What does convenience mean for customers?

  Something easier, quicker, or less hassle
• Why might customers pay more for convenience?

  It saves them time and effort
• What is an example of convenience in purchasing?

  Buying online instead of in-store
• What is crucial for a new business regarding its customers?

  Identifying and understanding customer needs
• How does understanding customer needs help generate sales?

  It allows businesses to meet customer requirements
• What might a business do if its target audience is non-meat eaters?

  Source vegan or vegetarian-certified items
• What is one main aim of a new small business?

  To survive for at least 12 months
• How does generating sales relate to business survival?

  It increases the chance of continuing operations
• What must businesses do to ensure survival?

  Keep up with changing customer requirements
• What is the marketing mix made up of?

  • Product
  • Price
  • Place
  • Promotion
• What is the purpose of the marketing mix?

  To attract customers to a business
• How should the elements of the marketing mix work together?

  They should complement each other effectively
• What does product development involve?

  Design, price, expected sales, and costs
• What are the stages of product development?

  1. Generating an idea
  2. Checking the idea
  3. Developing the product
  4. Trialling the product
  5. Launching the product
• What is product differentiation?

  Standing out from competitors
• What is a product portfolio?

  A collection of products a business sells
• What does the Boston Matrix measure?

  Market share and market growth
• What are the four categories of the Boston Matrix?

  • Star
  • Cash cows
  • Question marks
  • Dogs
• What does the product life cycle show?

  The sales of a product from development to decline
• What are the five stages of the product life cycle?

  1. Development
  2. Introduction
  3. Growth
  4. Maturity
  5. Decline
• What happens during the development stage of the product life cycle?

  The product is designed and tested
• What occurs during the introduction stage of the product life cycle?

  The product is launched and promoted
• What characterizes the growth stage of the product life cycle?

  Rapid increase in sales
• What happens during the maturity stage of the product life cycle?

  Sales begin to slow down
• What occurs during the decline stage of the product life cycle?

  Sales start to fall
• What are extension strategies used for?

  • Preventing product decline
  • Examples include:
  • Reducing the price
  • Advertising
  • New packaging
  • New features
• What is the relationship between price and demand?

  Higher prices usually decrease demand