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GCSE Business studies
Marketing
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Created by
Harry Cann
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Cards (53)
What does market segmentation involve?
Dividing the market
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Market segmentation uses characteristics such as age, gender, income, and socio-economic
group
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What is one factor that influences affordability in socio-economic terms?
Income
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Ethnic and cultural groups are equally likely to use any product.
False
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What do businesses need to understand about their customers?
Their needs
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A customer purchases and pays for a product or
service
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The ultimate user of a product or service is called a
consumer
.
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What does market size measure?
Total sales
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The value of a market is calculated by multiplying the number of units sold by the
price
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Market growth is measured in
percentage
terms.
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What does market share represent?
Proportion of a market
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The marketing mix includes price, product, place, and
promotion
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Successful marketing ensures a product satisfies customer needs at the right price with
effective promotion
.
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Stages of the product life cycle
1️⃣ Development
2️⃣ Introduction
3️⃣ Growth
4️⃣ Maturity
5️⃣ Saturation
6️⃣ Decline
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A unique selling point (USP) is something that sets a product or service apart from its
competitors
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What are two functions of product packaging?
Information and protection
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Branding helps build a recognizable
logo
or slogan.
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Extension strategies are used to stop sales from
falling
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What is one example of an extension strategy?
Rebranding the product
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What is penetration pricing used for in marketing?
Encourage sales
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A key advantage of penetration pricing is its ability to develop
market
share.
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Raising prices after using penetration pricing can lead to customer loyalty.
False
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What is the primary goal of price skimming?
High initial profits
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Price skimming can help a business earn a reputation for high
quality
.
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Price skimming is a long-term pricing strategy.
False
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What is the main advantage of competitive pricing?
Firm remains competitive
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Competitive pricing requires time-consuming research of competitors'
prices
.
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Price discrimination involves charging the same price to all market segments.
False
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What is a key benefit of price discrimination?
Attract lower-income customers
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Cost-plus pricing ensures that every good is sold at a
profit
.
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Cost-plus pricing considers competitors' prices.
False
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What does psychological pricing aim to influence?
Emotional responses
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Psychological pricing can nudge customers to make a
purchase
.
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Customers are always attracted to psychological pricing strategies.
False
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What is the purpose of using loss leaders in pricing?
Gain market share
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Loss leaders can boost sales of other more profitable
products
.
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Customers may expect low prices permanently after
loss leaders
are used.
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What is the role of a distribution channel in marketing?
Move products to consumers
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Intermediaries are independent firms that assist in the flow of goods from producers to end
users
.
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Match the intermediary with its role:
Producers ↔️ Supply goods and services
Wholesalers ↔️ Buy in large quantities
Retailers ↔️ Sell to customers
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