Edexcel GCSE Business Studies Paper 1 June 2023
What are the 4 elements of the marketing mix? - ANSWER--• Product
• Price
• Place
• Promotion
Why is a firms marketing mix for a product likely to change over time? - ANSWER-
-Because customers wants and needs change over time so a business needs to
adapt to these changing needs in over to meet them
What are the four Ps together called? - ANSWER--The marketing mix
What does the element product of the marketing mix entail? - ANSWER--• Firm
must identify customer needs or wants
• Come up with product that will fulfil some or one of these needs
What does the element price of the marketing mix entail? - ANSWER--Must be a
good value for money but not cheap
What does the element promotion of the marketing mix entail? - ANSWER--•
Potential customers are aware it exists
• If no one knows about it no one will buy it
What does the element place of the marketing mix entail? - ANSWER--• When
and where a product or service is available to the people buying it
• Channels of distribution used for product
, Edexcel GCSE Business Studies Paper 1 June 2023
What are the 2 definitions of market size? - ANSWER--• Total value of products in
a market
• The number of individuals within the market which are potential buyers or
sellers of products
What is market share? - ANSWER--The proportion of total sales within a market
controlled by the business
What is market segmentation? - ANSWER--Division of people within a market into
different groups based on characteristics
What is a target market? - ANSWER--The specific group of people that a product is
aimed at
Give some examples of segmentation - ANSWER--• Age
• Income
• Gender
• Location
Why do business use market segmentation? - ANSWER--• When market mapping
• When choosing a market mix
• When choosing promotion for a product
What is market mapping? - ANSWER--A process to indenting a gap in the market
by looking at what competitors offer
, Edexcel GCSE Business Studies Paper 1 June 2023
Which factors are often used for market mapping? - ANSWER--Quality and price
What is market research? - ANSWER--The process of collecting and processing
information about the market that a business operates in
What does market research gather information on? - ANSWER--• Demand
• Competition
• Target market
Why is market research important? - ANSWER--• Helps a business understand its
customers
• Helps a business understand its competitors
• Business can identify customer needs and wants
• Helps a business find out any gaps in the market
What is a market opportunity? - ANSWER--A need customers have that hasn't
been met
How can a business fill a gap in the market? - ANSWER--• Develop a new product
• Selling existing product for new price/place
• Promoting it in a new place
What is primary research? - ANSWER--Market research relevant and specific to
the needs of the business
What are the 4 elements of the marketing mix? - ANSWER--• Product
• Price
• Place
• Promotion
Why is a firms marketing mix for a product likely to change over time? - ANSWER-
-Because customers wants and needs change over time so a business needs to
adapt to these changing needs in over to meet them
What are the four Ps together called? - ANSWER--The marketing mix
What does the element product of the marketing mix entail? - ANSWER--• Firm
must identify customer needs or wants
• Come up with product that will fulfil some or one of these needs
What does the element price of the marketing mix entail? - ANSWER--Must be a
good value for money but not cheap
What does the element promotion of the marketing mix entail? - ANSWER--•
Potential customers are aware it exists
• If no one knows about it no one will buy it
What does the element place of the marketing mix entail? - ANSWER--• When
and where a product or service is available to the people buying it
• Channels of distribution used for product
, Edexcel GCSE Business Studies Paper 1 June 2023
What are the 2 definitions of market size? - ANSWER--• Total value of products in
a market
• The number of individuals within the market which are potential buyers or
sellers of products
What is market share? - ANSWER--The proportion of total sales within a market
controlled by the business
What is market segmentation? - ANSWER--Division of people within a market into
different groups based on characteristics
What is a target market? - ANSWER--The specific group of people that a product is
aimed at
Give some examples of segmentation - ANSWER--• Age
• Income
• Gender
• Location
Why do business use market segmentation? - ANSWER--• When market mapping
• When choosing a market mix
• When choosing promotion for a product
What is market mapping? - ANSWER--A process to indenting a gap in the market
by looking at what competitors offer
, Edexcel GCSE Business Studies Paper 1 June 2023
Which factors are often used for market mapping? - ANSWER--Quality and price
What is market research? - ANSWER--The process of collecting and processing
information about the market that a business operates in
What does market research gather information on? - ANSWER--• Demand
• Competition
• Target market
Why is market research important? - ANSWER--• Helps a business understand its
customers
• Helps a business understand its competitors
• Business can identify customer needs and wants
• Helps a business find out any gaps in the market
What is a market opportunity? - ANSWER--A need customers have that hasn't
been met
How can a business fill a gap in the market? - ANSWER--• Develop a new product
• Selling existing product for new price/place
• Promoting it in a new place
What is primary research? - ANSWER--Market research relevant and specific to
the needs of the business
