3.1 Key Questions & Answers

What is the difference between marketing and market research?

What is the difference between primary and secondary data?

What is the difference between quantitative and qualitative data?

Give 3 examples of market segments?

What are the 3 stages of market research?

Why is market research essential to the success of all businesses?

What is the difference between a product trial and a repeat purchase?

Name 3 methods businesses commonly use to try and get customers to trial a product?

Name 3 methods that businesses commonly use to try to get customers to make repeat purchases?

What is the product life cycle?
(give definition not list the stages)

What are the stages of the product life cycle diagram?

Why would a business want to use an extension strategy in the maturity/saturation stage of the products life cycle?

Explain what cash flow would be typically like during the stages of a products life cycle?

What is meant by the term product portfolio or product mix?

How can a business analyse its product portfolio?

Why would a business want to analyse its product portfolio using the Boston Matrix?

What is the difference between a brand, an own brand?

What are the advantages of branding a product?

What are the different ways in which a business can differentiate their product?

What is meant by the key term marketing mix?