AQA A-Level Business 3.3 Decision-making to improve marketing performance overview quiz quiz

A firm's sales as a percentage of total market sales

The combined total sales value of every firm competing in that market

The number of separate products a firm currently sells in the market

The selling price of a product divided by its unit cost of production

$5\%$

$20\%$

$25\%$

$50\%$

Growth, introduction, decline, maturity

Maturity, growth, introduction, decline

Introduction, growth, maturity, decline

Introduction, maturity, growth, decline

Primary research is always cheaper than secondary research in every situation

Secondary research is always more reliable and more up to date than primary

Primary research can only ever be gathered using the internet and online surveys

Primary collects new first-hand data; secondary uses data that already exists

Cash cow

Star

Question mark

Dog

For a basic everyday product sold cheaply in an already crowded, competitive market

For a new, innovative product with little competition and customers willing to pay a premium

When a firm wants to set a deliberately very low price in order to force all of its rivals out of the market entirely

For ageing products that have reached the decline stage of their product life cycle

A deliberately high launch price set for a new and innovative product

Charging different prices to different customer groups for the same product

A low price to enter a market and win market share

Setting the selling price exactly equal to the unit cost of production

Profit, productivity and overall business performance

Price, promotion and place, repeated again

Planning, pricing and market positioning

People, process and physical environment

How brands sit relative to each other on two features such as price and quality, revealing gaps

The geographic location of a firm's factories, warehouses and main distribution sites

The total size of a whole market and how that market size changes over a period of time

The four sequential stages of the product life cycle, running from introduction through growth and maturity to decline

So that each separate element can be managed by a completely different department in isolation

So that price, product, promotion and place reinforce one consistent positioning

Because the law requires firms to spend an exactly equal amount of money on each of the Ps

So that the product can then be sold successfully without any promotion at all

It guarantees that the firm will go on to make a healthy and reliable profit

It automatically increases the sample size used in the original market research

It can lead to wrong decisions, because two variables moving together does not mean one causes the other

It completely removes the need for the firm to carry out any further market research at all, saving time and money