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Marketing Flashcards for Business Studies
Free Business Studies Revision Cards
Cover the marketing mix, market research methods, targeting and segmentation, branding and promotional strategies with these free Business Studies flashcards. Ideal for GCSE and A Level revision.
Question
What is marketing?
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Answer
The process of identifying, anticipating, and satisfying customer needs profitably — through market research, product development, pricing, distribution, and promotion.
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Question
What is the marketing mix (4 Ps)?
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Answer
Product (what you sell), Price (what you charge), Place (how you distribute), Promotion (how you communicate). The 7 Ps add People, Process, and Physical evidence — used for services.
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Question
What is market segmentation?
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Answer
Dividing a market into distinct groups of consumers with similar needs or characteristics — e.g. by age, income, geography, lifestyle, or behaviour. Allows targeted marketing.
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Question
What is a target market?
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Answer
The specific segment(s) of the market a business chooses to focus on — based on the best fit between the product and the customers' needs and the firm's ability to serve them profitably.
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Question
What is market research and what are the two types?
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Answer
The systematic gathering of information about a market. Primary research: new data collected directly (surveys, focus groups, observation, trials). Secondary research: existing data (reports, government statistics, company records).
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Question
What is a USP (Unique Selling Proposition)?
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Answer
The distinctive feature or benefit that sets a product apart from competitors — the reason why consumers should choose this product. Essential for positioning and promotion.
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Question
What is brand and what are its benefits?
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Answer
A name, design, or symbol that identifies and differentiates a product. Strong brands build loyalty, allow premium pricing, ease new product launches, and provide competitive advantage.
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Question
What is pricing strategy and name four types?
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Answer
How a business sets prices. Cost-plus: add profit margin to cost. Penetration: low initial price to enter market. Skimming: high initial price (early adopters). Competitive: match competitors. Psychological: e.g. £9.99.
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Question
What is price elasticity of demand (PED)?
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Answer
PED = % change in quantity demanded / % change in price. Elastic (PED >1): demand is sensitive to price changes. Inelastic (PED <1): demand is relatively unresponsive. Affects revenue when price changes.
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Question
What is the product life cycle?
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Answer
A model of a product's sales over time: Introduction → Growth → Maturity → Decline. Marketing strategy, cash flow, and competition change at each stage. Extension strategies prolong the maturity phase.
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