Marketing GCSE AQA

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Marketing GCSE AQA notes

Marketing

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10 Terms

1
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Identifying customer needs

Conducting focus groups and utilizing social listening to understand customers' preferences, pain points, and interests.

2
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Anticipating customer needs

Focusing on the buyer's journey and predicting future customer requirements.

3
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Purpose of market research

Market research aims to assess customer needs, analyze competition, and identify the target audience for tailored product development and effective marketing strategies.

4
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Methods of market research

Questionnaires, surveys, interviews, focus groups, internet research, and printed press are tools used to gather insights into customer preferences and market trends.

5
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Price

Involves pricing methods like price skimming, price penetration, competitive pricing, loss leader, and cost-plus pricing, influenced by costs, market nature, competition, and product life cycle.

6
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Product

Understanding the benefits and risks of developing new products, product differentiation through unique selling propositions (USP), and brand image.

7
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Extension Strategies

Updating packaging, adding features, changing target markets, advertising, and price reduction to extend product life cycles.

8
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Boston box

A tool for analyzing a company's product portfolio based on market growth rate and relative market share.

9
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Promotion

Involves advertising, public relations, sales promotions, sponsorship, and social media, influenced by factors like finance, competitors, product nature, market, and target audience.

10
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Place

Channels of distribution used by businesses, e-commerce for online selling, and m-commerce for transactions via mobile devices.