GCSE Business, Enterprise and marketing. Usually met in years 9 to 11.
Learn how businesses research their markets and use the marketing mix, from pricing strategies to the product life cycle.
What you practise
Primary and secondary research
Market segmentation and the marketing mix
Pricing strategies and the product life cycle
Starts with market research and builds to pricing strategies and the Boston matrix. Practice moves up a level when a round goes well and down when it does not.
Sample questions
Each sample comes with the method and the reason every wrong option is wrong. Real practice rounds are ten questions at your level.
Sample question, level 2 of 5
What does ‘quantitative data’ mean?
Information in the form of numbers that can be counted or measured
A way of grouping a firm’s products by market share and market growth
Information about opinions, feelings and reasons
Buying and selling goods online
Setting a low price to win customers quickly, then raising it later
Show the answer and method
Answer: A, Information in the form of numbers that can be counted or measured
The method: Quantitative data means information in the form of numbers that can be counted or measured.
Why the other options are wrong:
B, A way of grouping a firm’s products by market share and market growth: That describes Boston matrix.
C, Information about opinions, feelings and reasons: That describes qualitative data.
D, Buying and selling goods online: That describes e-commerce.
E, Setting a low price to win customers quickly, then raising it later: That describes penetration pricing.
Sample question, level 4 of 5
What does ‘competitive pricing’ mean?
The stages a product goes through: introduction, growth, maturity and decline
A name, design or image that makes a business’s products easy to recognise
Setting a price close to what competitors charge
A small part of a market with particular needs
Research that uses information already collected by someone else
Show the answer and method
Answer: C, Setting a price close to what competitors charge
The method: Competitive pricing means setting a price close to what competitors charge.
Why the other options are wrong:
A, The stages a product goes through: introduction, growth, maturity and decline: That describes product life cycle.
B, A name, design or image that makes a business’s products easy to recognise: That describes brand.
D, A small part of a market with particular needs: That describes niche market.
E, Research that uses information already collected by someone else: That describes secondary research.
