B.S. Revision Mindmap
- Created by: Mana Nightos
- Created on: 10-10-19 17:58
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- Business Studies: A Level - See details sheet!
- Marketing and people
- Marketing
- Mass Marketing: Aimed at the whole market, often as a generic product
- Niche Marketing: Aimed at a smaller segment of the larger market, often as a speciality product
- Market Segmentation
- Splitting up a market of potential customers into different distint characteristics
- Income; geographical; lifestyle; ethnicity; gender; age
- Splitting up a market of potential customers into different distint characteristics
- Research types
- Market Research
- Primary: First-hand, collected by firm in question
- Secondary: Second-hand, bought or retrieved from a third-party
- Quantitative - Numerical data
- Qualitative - Opinion-based data
- Market Research
- Marketing
- PED: Price Elasticity of Demand (inelastic and elastic)
- The measurement of the proportionate change in demand against a change in price
- Percentage change in quantity demanded / percentage change in price
- Factors affecting PED
- Substitute availability; proportion % of income spent on g/s; addictive goods; time
- Demand & Supply
- Law of Demand
- If price increases, demand decreases
- Factors affecting Demand
- Complimentary or substitute; Income; Tastes and Fashion; Advertising and Branding; Demographics
- Factors affecting Supply
- Production costs; technology; indirect taxes; subsidies; external shocks
- Law of Demand
- (If a box is orange, most content will be on details sheet)
- Mixes
- Design Mix
- Aesthetics; Function; Economic Manufacture
- Marketing Mix
- Product; Price; Promotion; Place
- Design Mix
- Marketing and people
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