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| Question | Answer |
| What are the four P's in the marketing mix | Product, price,promotion,place |
| Why might a customer be prepared to pay a higher price than usual for a product? | convenience or they really want it. |
| Why are market maps useful? | to help the business find its location in the market. |
| What is a gap in the market? | a customers need that is not being met. |
| Why is market research important? | it tells you what the cutomers want.without it you could sell the wrong product and fail |
| Give three examples of information that market research is used to find? | products, price and buying habits. |
| Give two examples of field research methods ? | desk research (looking at other peoples work)field research (doing your own research). |
| Give an advantage and disadvantage of desk research? | it is cheaper and can give historical data.but the data can be out of date and not relevant |
| What is a market driven firm? | when market research is used to find out what people want .then produce product people want |
| Explain why small firms often find it easier to alter their products than large firms | large firms have large expensive machines and procedures that cost and take time to change ,where smaller firms can alter production quicker an easier . |
| What is a bespoke product? | What not many or an individual wants, customers own specification |
| Why does the demand curve slope downwards? | because falls in demand and decreases in prices can badly effect profits |
| Why does the supply curve slope upwards? | It is more likely to make a profit, |
| Question 15 has to be done from the revision book | . |
| List four places suitable for a small businesses to promote their products | LOCAL RADIO, NEWSPAPER, BILLBOARDS, LEAFLETS |
| Describe three things that influence where a firm will advertise | Target of the audience, Location of the product, size of the budget |
| What is e-commerce | Buying and selling online and allowed small businesses to promote an advertise their products worldwide |
| Would you like to stop answering questions on marketing Nathan | Hee Hee Hee |
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