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6 Jul 2025
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Market Research and Product Pricing for A Level Business
Phoebe
@phoebe_elwp
Product Development and Marketing Mix
Product development is a crucial aspect of business strategy, involving various factors and concepts.
Product Life Cycle
The product life cycle consists of four stages:
- Introduction
- Growth
- Maturity
- Decline
Definition: The product life cycle is a model that describes the stages a product goes through from its introduction to the market until its decline.
This cycle affects sales and cash flows over time.
Unique Selling Point (USP)
Vocabulary: USP stands for Unique Selling Point, which is a feature or characteristic that distinguishes a product from its competitors.
Product Mix
The product mix refers to the different products a company offers.
The 7P's of Marketing
The marketing mix, also known as the 7P's, includes:
- Product
- Price
- Place
- Promotion
- People
- Process
- Physical Evidence
Highlight: The 7P's provide a comprehensive framework for developing marketing strategies.
Boston Matrix
The Boston Matrix is a tool used to analyze a company's product portfolio based on market growth and market share.
It categorizes products into four quadrants:
- Stars
- Question Marks
- Cash Cows
- Dogs
Example: A new innovative product with high potential might be classified as a "Question Mark" in the Boston Matrix.
Pricing Strategies and Promotion
Effective pricing and promotion strategies are essential for successful marketing campaigns.
Pricing Strategies
Several pricing strategies for A-level Business include:
- Price Skimming: Starting with a high price and lowering it over time. This strategy is often used for unique products or when a company is first to market.
- Penetration Pricing: Starting with a low price to gain market share and increasing it as demand grows.
- Loss Leaders: Selling certain items at a loss to attract customers who will then buy more profitable items.
- Price Discrimination: Charging different prices to different customer segments, such as students or seniors.
- Dynamic Pricing: Adjusting prices based on demand fluctuations.
Example: A new smartphone might use a price skimming strategy, starting at a high price for early adopters and gradually reducing the price over time.
Promotion Strategies
Promotion involves various methods to communicate with customers and increase sales:
- Advertising: Paid communication through channels like TV, radio, newspapers, and social media.
- Sales Promotion: Short-term incentives to boost sales, such as coupons or buy-one-get-one-free offers.
- Personal Selling: Direct, two-way communication with potential customers through methods like telephone calls, meetings, or door-to-door sales.
Highlight: A comprehensive marketing strategy often combines multiple promotion methods to reach different customer segments effectively.
Quote: "Marketing research is the process of gathering data about the product, customers and influences on the sales of the product. It then analyses the data to help make decisions."
This quote emphasizes the importance of market research in informing business decisions and strategies.
Market Research Methods
Market research is a vital process for businesses to gather information about customers, potential customers, and the overall market. This knowledge helps in making informed decisions about products and marketing strategies.
Definition: Market research is the process of collecting and analyzing data about products, customers, and factors influencing sales to aid in decision-making.
There are two main types of market research: primary and secondary.
Primary Research
Primary market research for A-level Business involves collecting first-hand data specifically for the business's needs.
Methods include:
- Observations
- Surveys
- Telephone interviews
Highlight: Primary research provides more specific and detailed insights directly focused on the business's needs.
Advantages of primary research:
- More specific to the business's requirements
- Data can be kept private
- Provides more detailed insights
Disadvantages of primary research:
- Time-consuming
- Expensive
- Sampling may not be representative
Secondary Research
Secondary market research for A-level Business involves using existing data that was collected for different purposes.
Sources include:
- Government departments
- Trade press and magazines
Highlight: Secondary research is often quick to access, use, and can be free or low-cost.
Advantages of secondary research:
- Quick to access and use
- Often free or inexpensive
- Easy to obtain
Disadvantages of secondary research:
- May not be specific to the business's needs
- Can be outdated
Example: A business might use government statistics to understand general market trends, but conduct a survey to gather specific information about their target customers' preferences.
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4.9/5
App Store
4.8/5
Google Play
The app is very easy to use and well designed. I have found everything I was looking for so far and have been able to learn a lot from the presentations! I will definitely use the app for a class assignment! And of course it also helps a lot as an inspiration.
Stefan S
iOS user
This app is really great. There are so many study notes and help [...]. My problem subject is French, for example, and the app has so many options for help. Thanks to this app, I have improved my French. I would recommend it to anyone.
Samantha Klich
Android user
Wow, I am really amazed. I just tried the app because I've seen it advertised many times and was absolutely stunned. This app is THE HELP you want for school and above all, it offers so many things, such as workouts and fact sheets, which have been VERY helpful to me personally.
Anna
iOS user
Best app on earth! no words because it’s too good
Thomas R
iOS user
Just amazing. Let's me revise 10x better, this app is a quick 10/10. I highly recommend it to anyone. I can watch and search for notes. I can save them in the subject folder. I can revise it any time when I come back. If you haven't tried this app, you're really missing out.
Basil
Android user
This app has made me feel so much more confident in my exam prep, not only through boosting my own self confidence through the features that allow you to connect with others and feel less alone, but also through the way the app itself is centred around making you feel better. It is easy to navigate, fun to use, and helpful to anyone struggling in absolutely any way.
David K
iOS user
The app's just great! All I have to do is enter the topic in the search bar and I get the response real fast. I don't have to watch 10 YouTube videos to understand something, so I'm saving my time. Highly recommended!
Sudenaz Ocak
Android user
In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.
Greenlight Bonnie
Android user
very reliable app to help and grow your ideas of Maths, English and other related topics in your works. please use this app if your struggling in areas, this app is key for that. wish I'd of done a review before. and it's also free so don't worry about that.
Rohan U
Android user
I know a lot of apps use fake accounts to boost their reviews but this app deserves it all. Originally I was getting 4 in my English exams and this time I got a grade 7. I didn’t even know about this app three days until the exam and it has helped A LOT. Please actually trust me and use it as I’m sure you too will see developments.
Xander S
iOS user
THE QUIZES AND FLASHCARDS ARE SO USEFUL AND I LOVE THE SCHOOLGPT. IT ALSO IS LITREALLY LIKE CHATGPT BUT SMARTER!! HELPED ME WITH MY MASCARA PROBLEMS TOO!! AS WELL AS MY REAL SUBJECTS ! DUHHH 😍😁😲🤑💗✨🎀😮
Elisha
iOS user
This apps acc the goat. I find revision so boring but this app makes it so easy to organize it all and then you can ask the freeeee ai to test yourself so good and you can easily upload your own stuff. highly recommend as someone taking mocks now
Paul T
iOS user
The app is very easy to use and well designed. I have found everything I was looking for so far and have been able to learn a lot from the presentations! I will definitely use the app for a class assignment! And of course it also helps a lot as an inspiration.
Stefan S
iOS user
This app is really great. There are so many study notes and help [...]. My problem subject is French, for example, and the app has so many options for help. Thanks to this app, I have improved my French. I would recommend it to anyone.
Samantha Klich
Android user
Wow, I am really amazed. I just tried the app because I've seen it advertised many times and was absolutely stunned. This app is THE HELP you want for school and above all, it offers so many things, such as workouts and fact sheets, which have been VERY helpful to me personally.
Anna
iOS user
Best app on earth! no words because it’s too good
Thomas R
iOS user
Just amazing. Let's me revise 10x better, this app is a quick 10/10. I highly recommend it to anyone. I can watch and search for notes. I can save them in the subject folder. I can revise it any time when I come back. If you haven't tried this app, you're really missing out.
Basil
Android user
This app has made me feel so much more confident in my exam prep, not only through boosting my own self confidence through the features that allow you to connect with others and feel less alone, but also through the way the app itself is centred around making you feel better. It is easy to navigate, fun to use, and helpful to anyone struggling in absolutely any way.
David K
iOS user
The app's just great! All I have to do is enter the topic in the search bar and I get the response real fast. I don't have to watch 10 YouTube videos to understand something, so I'm saving my time. Highly recommended!
Sudenaz Ocak
Android user
In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.
Greenlight Bonnie
Android user
very reliable app to help and grow your ideas of Maths, English and other related topics in your works. please use this app if your struggling in areas, this app is key for that. wish I'd of done a review before. and it's also free so don't worry about that.
Rohan U
Android user
I know a lot of apps use fake accounts to boost their reviews but this app deserves it all. Originally I was getting 4 in my English exams and this time I got a grade 7. I didn’t even know about this app three days until the exam and it has helped A LOT. Please actually trust me and use it as I’m sure you too will see developments.
Xander S
iOS user
THE QUIZES AND FLASHCARDS ARE SO USEFUL AND I LOVE THE SCHOOLGPT. IT ALSO IS LITREALLY LIKE CHATGPT BUT SMARTER!! HELPED ME WITH MY MASCARA PROBLEMS TOO!! AS WELL AS MY REAL SUBJECTS ! DUHHH 😍😁😲🤑💗✨🎀😮
Elisha
iOS user
This apps acc the goat. I find revision so boring but this app makes it so easy to organize it all and then you can ask the freeeee ai to test yourself so good and you can easily upload your own stuff. highly recommend as someone taking mocks now
Paul T
iOS user
Market Research and Product Pricing for A Level Business
Phoebe
@phoebe_elwp
Market research is a crucial process for businesses to understand their customers, potential customers, and the overall market. This summary covers key aspects of market research methods for A-level business GCSE and AQA, including primary and secondary research methods,... Show more
Product Development and Marketing Mix
Product development is a crucial aspect of business strategy, involving various factors and concepts.
Product Life Cycle
The product life cycle consists of four stages:
- Introduction
- Growth
- Maturity
- Decline
Definition: The product life cycle is a model that describes the stages a product goes through from its introduction to the market until its decline.
This cycle affects sales and cash flows over time.
Unique Selling Point (USP)
Vocabulary: USP stands for Unique Selling Point, which is a feature or characteristic that distinguishes a product from its competitors.
Product Mix
The product mix refers to the different products a company offers.
The 7P's of Marketing
The marketing mix, also known as the 7P's, includes:
- Product
- Price
- Place
- Promotion
- People
- Process
- Physical Evidence
Highlight: The 7P's provide a comprehensive framework for developing marketing strategies.
Boston Matrix
The Boston Matrix is a tool used to analyze a company's product portfolio based on market growth and market share.
It categorizes products into four quadrants:
- Stars
- Question Marks
- Cash Cows
- Dogs
Example: A new innovative product with high potential might be classified as a "Question Mark" in the Boston Matrix.
Sign up to see the contentIt's free!
Access to all documents
Improve your grades
Join milions of students
By signing up you accept Terms of Service and Privacy Policy
Pricing Strategies and Promotion
Effective pricing and promotion strategies are essential for successful marketing campaigns.
Pricing Strategies
Several pricing strategies for A-level Business include:
- Price Skimming: Starting with a high price and lowering it over time. This strategy is often used for unique products or when a company is first to market.
- Penetration Pricing: Starting with a low price to gain market share and increasing it as demand grows.
- Loss Leaders: Selling certain items at a loss to attract customers who will then buy more profitable items.
- Price Discrimination: Charging different prices to different customer segments, such as students or seniors.
- Dynamic Pricing: Adjusting prices based on demand fluctuations.
Example: A new smartphone might use a price skimming strategy, starting at a high price for early adopters and gradually reducing the price over time.
Promotion Strategies
Promotion involves various methods to communicate with customers and increase sales:
- Advertising: Paid communication through channels like TV, radio, newspapers, and social media.
- Sales Promotion: Short-term incentives to boost sales, such as coupons or buy-one-get-one-free offers.
- Personal Selling: Direct, two-way communication with potential customers through methods like telephone calls, meetings, or door-to-door sales.
Highlight: A comprehensive marketing strategy often combines multiple promotion methods to reach different customer segments effectively.
Quote: "Marketing research is the process of gathering data about the product, customers and influences on the sales of the product. It then analyses the data to help make decisions."
This quote emphasizes the importance of market research in informing business decisions and strategies.
Sign up to see the contentIt's free!
Access to all documents
Improve your grades
Join milions of students
By signing up you accept Terms of Service and Privacy Policy
Market Research Methods
Market research is a vital process for businesses to gather information about customers, potential customers, and the overall market. This knowledge helps in making informed decisions about products and marketing strategies.
Definition: Market research is the process of collecting and analyzing data about products, customers, and factors influencing sales to aid in decision-making.
There are two main types of market research: primary and secondary.
Primary Research
Primary market research for A-level Business involves collecting first-hand data specifically for the business's needs.
Methods include:
- Observations
- Surveys
- Telephone interviews
Highlight: Primary research provides more specific and detailed insights directly focused on the business's needs.
Advantages of primary research:
- More specific to the business's requirements
- Data can be kept private
- Provides more detailed insights
Disadvantages of primary research:
- Time-consuming
- Expensive
- Sampling may not be representative
Secondary Research
Secondary market research for A-level Business involves using existing data that was collected for different purposes.
Sources include:
- Government departments
- Trade press and magazines
Highlight: Secondary research is often quick to access, use, and can be free or low-cost.
Advantages of secondary research:
- Quick to access and use
- Often free or inexpensive
- Easy to obtain
Disadvantages of secondary research:
- May not be specific to the business's needs
- Can be outdated
Example: A business might use government statistics to understand general market trends, but conduct a survey to gather specific information about their target customers' preferences.
We thought you’d never ask...
What is the Knowunity AI companion?
Our AI Companion is a student-focused AI tool that offers more than just answers. Built on millions of Knowunity resources, it provides relevant information, personalised study plans, quizzes, and content directly in the chat, adapting to your individual learning journey.
Where can I download the Knowunity app?
You can download the app from Google Play Store and Apple App Store.
Is Knowunity really free of charge?
That's right! Enjoy free access to study content, connect with fellow students, and get instant help – all at your fingertips.
Can't find what you're looking for? Explore other subjects.
Students love us — and so will you.
4.9/5
App Store
4.8/5
Google Play
The app is very easy to use and well designed. I have found everything I was looking for so far and have been able to learn a lot from the presentations! I will definitely use the app for a class assignment! And of course it also helps a lot as an inspiration.
Stefan S
iOS user
This app is really great. There are so many study notes and help [...]. My problem subject is French, for example, and the app has so many options for help. Thanks to this app, I have improved my French. I would recommend it to anyone.
Samantha Klich
Android user
Wow, I am really amazed. I just tried the app because I've seen it advertised many times and was absolutely stunned. This app is THE HELP you want for school and above all, it offers so many things, such as workouts and fact sheets, which have been VERY helpful to me personally.
Anna
iOS user
Best app on earth! no words because it’s too good
Thomas R
iOS user
Just amazing. Let's me revise 10x better, this app is a quick 10/10. I highly recommend it to anyone. I can watch and search for notes. I can save them in the subject folder. I can revise it any time when I come back. If you haven't tried this app, you're really missing out.
Basil
Android user
This app has made me feel so much more confident in my exam prep, not only through boosting my own self confidence through the features that allow you to connect with others and feel less alone, but also through the way the app itself is centred around making you feel better. It is easy to navigate, fun to use, and helpful to anyone struggling in absolutely any way.
David K
iOS user
The app's just great! All I have to do is enter the topic in the search bar and I get the response real fast. I don't have to watch 10 YouTube videos to understand something, so I'm saving my time. Highly recommended!
Sudenaz Ocak
Android user
In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.
Greenlight Bonnie
Android user
very reliable app to help and grow your ideas of Maths, English and other related topics in your works. please use this app if your struggling in areas, this app is key for that. wish I'd of done a review before. and it's also free so don't worry about that.
Rohan U
Android user
I know a lot of apps use fake accounts to boost their reviews but this app deserves it all. Originally I was getting 4 in my English exams and this time I got a grade 7. I didn’t even know about this app three days until the exam and it has helped A LOT. Please actually trust me and use it as I’m sure you too will see developments.
Xander S
iOS user
THE QUIZES AND FLASHCARDS ARE SO USEFUL AND I LOVE THE SCHOOLGPT. IT ALSO IS LITREALLY LIKE CHATGPT BUT SMARTER!! HELPED ME WITH MY MASCARA PROBLEMS TOO!! AS WELL AS MY REAL SUBJECTS ! DUHHH 😍😁😲🤑💗✨🎀😮
Elisha
iOS user
This apps acc the goat. I find revision so boring but this app makes it so easy to organize it all and then you can ask the freeeee ai to test yourself so good and you can easily upload your own stuff. highly recommend as someone taking mocks now
Paul T
iOS user
The app is very easy to use and well designed. I have found everything I was looking for so far and have been able to learn a lot from the presentations! I will definitely use the app for a class assignment! And of course it also helps a lot as an inspiration.
Stefan S
iOS user
This app is really great. There are so many study notes and help [...]. My problem subject is French, for example, and the app has so many options for help. Thanks to this app, I have improved my French. I would recommend it to anyone.
Samantha Klich
Android user
Wow, I am really amazed. I just tried the app because I've seen it advertised many times and was absolutely stunned. This app is THE HELP you want for school and above all, it offers so many things, such as workouts and fact sheets, which have been VERY helpful to me personally.
Anna
iOS user
Best app on earth! no words because it’s too good
Thomas R
iOS user
Just amazing. Let's me revise 10x better, this app is a quick 10/10. I highly recommend it to anyone. I can watch and search for notes. I can save them in the subject folder. I can revise it any time when I come back. If you haven't tried this app, you're really missing out.
Basil
Android user
This app has made me feel so much more confident in my exam prep, not only through boosting my own self confidence through the features that allow you to connect with others and feel less alone, but also through the way the app itself is centred around making you feel better. It is easy to navigate, fun to use, and helpful to anyone struggling in absolutely any way.
David K
iOS user
The app's just great! All I have to do is enter the topic in the search bar and I get the response real fast. I don't have to watch 10 YouTube videos to understand something, so I'm saving my time. Highly recommended!
Sudenaz Ocak
Android user
In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.
Greenlight Bonnie
Android user
very reliable app to help and grow your ideas of Maths, English and other related topics in your works. please use this app if your struggling in areas, this app is key for that. wish I'd of done a review before. and it's also free so don't worry about that.
Rohan U
Android user
I know a lot of apps use fake accounts to boost their reviews but this app deserves it all. Originally I was getting 4 in my English exams and this time I got a grade 7. I didn’t even know about this app three days until the exam and it has helped A LOT. Please actually trust me and use it as I’m sure you too will see developments.
Xander S
iOS user
THE QUIZES AND FLASHCARDS ARE SO USEFUL AND I LOVE THE SCHOOLGPT. IT ALSO IS LITREALLY LIKE CHATGPT BUT SMARTER!! HELPED ME WITH MY MASCARA PROBLEMS TOO!! AS WELL AS MY REAL SUBJECTS ! DUHHH 😍😁😲🤑💗✨🎀😮
Elisha
iOS user
This apps acc the goat. I find revision so boring but this app makes it so easy to organize it all and then you can ask the freeeee ai to test yourself so good and you can easily upload your own stuff. highly recommend as someone taking mocks now
Paul T
iOS user