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Key terms and Spelling List - Year 11 Business Studies
  • Topic 2.2 Making marketing decisions
    Test yourself
    FunctionHow well the product or service works for the customer; for example, are the beds comfortable at a hotel; does the smartphone take sharp photos?  
    Design Mix The design mix takes into account the cost (economic manufacture), function and aesthetics 
    AestheticsRefers to the look, feel and visual appeal of a product  
    Product Life CycleShow the sales of a product through time, from introduction to decline or extension strategies  
    Extension StrategiesWhere a business tries to increase its sales of a product that is going into decline e.g. lowering the price, re-advertising etc  
    Differentiating a productWhere a business makes their product stand out from their rivals, the product will have a unique selling point (USP)  
    High-volume pricing strategyProducing a lot of products at a low cost and selling these products at a low price  
    High-margin pricing strategyWhere products are sold at high price often in Niche markets or where businesses have a strong brand.  
    Market SegmentA market segment is a group of people who share one or more common characteristics  
    Niche MarketA small market where customers have specific needs, usually high priced goods as less competition  
    Mass Markets A large market where customers have similar needs and characteristics  
  • Term 2 Topic 2.3 Making operational decision
  • Term 3 Topic 2.4 Making financial decisions
  • Term 4 Topic 2.5 Making human resource decisions
  • GCSE Examinations and Revision