All topics within Theme 1 included on a large Microsoft Word document (easy to copy and paste any bits you need in particular and also easy to copy and paste into quizlet etc).
Detailed, but tried to minimise the amount of content as much as possible.
Predicted A*
Got full marks in my moc...
Year 12 Business - Paper 1 Mock
MARKET AND PRODUCT ORIENTATION:
Product Orientation = the business focusses on the production process and the product itself. It puts most of its efforts
into developing and making products which it believes consumers want and which will sell well.
Market Orientation = a business that is market orientated is one which continually identifies, reviews and analyses
consumer’s needs – it is led by the market and customers’ needs and wants.
Benefits of Market Orientated over Product Orientated:
Customers will get what they want and will buy the product
There will be a bigger target audience
Able to advertise the product better because they know why the customer wants the product
Able to charge higher prices because people pay more for customised products
A personalised service will lead to better reviews
Can respond more quickly to changes in the market.
MARKET RESEARCH:
= gathering, presenting and analysing information about the marketing and consumption of goods and services.
Primary Market Research is original data gathered by the researcher, the information does not yet exist – this is brand
new data which the business will gather about their product/service.
Forms of Primary Market Research:
1. Questionnaire
= a series of questions about the product
2. Personal Interviews
= asking somebody questions about the product
3. Focus Groups/Consumer Panels
= a group of people asked by the business to look at/use the product
4. Observations
= look at your competition, see what they sell
5. Test Marketing
= involves selling the product in a restricted geographical area prior to national launch
Secondary Market Research:
, It is data that already exists.
Can be internal or external to the business.
Quantitative vs Qualitative:
Quantitative = involves gathering data and measuring responses. The data is displayed in charts, graphs or as statistics
or percentages. (Number Based)
Qualitative = seeks to gather and explore feelings and thoughts about a product from consumers. (Quality
Information)
Use of ICT to support Market Research:
Using company websites – can allow customers to fill out questionnaires digitally, reviews can be left on
websites, a business can gather information from the websites of its competitors.
Social networking – social media is a crucial aspect of marketing, some platforms offer ways to analyse trends
and conduct market research, social media is free, easy and reaches a large audience
Keeping in touch with customers e.g. via email
Databases e.g. Tesco Clubcard allows Tesco to track what customers buy and when.
Limitations of Market Research:
1. Reliability – is the data collected from a good source, is there a large enough number of people giving the
information
2. Validity – is the data collected correct
3. Bias – is the research conducted fairly, is it leaning towards one thing more than another.
MARKET SEGMENTATION:
= involves a business splitting up its target market into segments of consumers who share similar characteristics.
The categories of Market Segmentation are Geographic (based on location), Demographic (based on factors such as
age, education, gender, income, occupation, ethnicity or religion), Psychographic (based on attitudes, opinions and
lifestyles) and Behavioural (based on how consumers interact with products or services such as their loyalty and usage
rate).
Benefits:
Businesses can advertise more efficiently e.g. just to one segment which saves time and money and is
therefore more cost effective.
Branding can be more precise to meet the needs of different segments of the target market
Sales will increase because the products will be better suited to people
Customer retention because you can target products to each segment a customer moves through.
New opportunities in the market – by segmenting you can see which areas of the market you aren’t catering to
and then make specific products which meet those needs.
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