yr 10 recap

Question 1

market mapping

Answer 1

a visual cross grid used to identify how products or brands are positioned in a market, often based on factors like price and quality. It helps businesses spot gaps or opportunities. (gap in the market)

Question 2

gap in the market

Question 3

Quality

Answer 3

how will the product reaches the needs and wants of the customer

Question 4

Quantitative

Answer 4

Data that is measurable and expressed in numbers, such as sales figures or survey results.

Question 5

Qualitative

Answer 5

Data based on opinions, feelings, or experiences, often collected through interviews or focus groups.

deeper insights
Open Q ‘e.g why?’

Question 6

primary research

Answer 6

Data collected first hand by a business through surveys, interviews, or experiments.

Question 7

Secondary research

Answer 7

Data gathered from existing sources like reports, studies, or online databases.

Question 8

the marketing mix

Answer 8

The marketing mix refers to the 4 Ps that businesses use to promote and sell their products:

Product: The goods or services offered.

Price: The cost to the consumer.

Place: Where the product is sold.

Promotion: How the product is advertised or promoted.

Question 9

advantages of developing a new product

Answer 9

Market Differentiation: A unique product can set a business apart from competitors.

novelty factor: ability to charge higher as there isn’t much competition

Meeting Consumer Needs: Innovations can fulfil unmet needs in the market.

Question 10

disadvantages of developing a new product

Answer 10

High Costs: Development, production, and marketing can be expensive.

Risk of Failure: New products may not succeed, leading to losses. (might be low in demand)

Time-Consuming: Development can take significant time, delaying potential profits.

Question 11

product notes

Answer 11

All good products should have distinctive characteristics to attract customers

• attractive design
• Reliable
• Consistent
• Quality
• durable

Question 12

product differentiation

Answer 12

The process of distinguishing a product from others in the market by highlighting its unique features, benefits, or attributes.

This strategy aims to attract specific customer segments and build brand loyalty.

Question 13

why do businesses do product differentiation

Answer 13

• building brand image
• to make it unique (USP)

Question 14

Unique selling point

Question 15

when developing a new product a business will consider what 4 things

Answer 15

• the design = what does it offer in terms of feature, design, look, ease of using or reliability compared to competitors