Chapter 2 Product trial and repeat purchase Flashcards
Chapter 02
What are the ways in which a business might increase the likelihood of repeat purchase
Edexcel 2BS01 Business Studies GCSE Unit 3.1
- Product must meet or exceed customer expectations
- The product should seem to offer value for money
- The brand must match the image the customer has of it
- The customer should be made to feel that they cannot live without the product
Chapter 02
What is a retailer?
Edexcel 2BS01 Business Studies GCSE Unit 3.1
Businesses which specialise in selling goods in small quantities to the consumer
Chapter 02
What is a trade buyer?
Edexcel 2BS01 Business Studies GCSE Unit 3.1
Buyers of goods which then sell those goods on to consumers or other buyers; they include supermarket chains and wholesalers
Chapter 02
What is a wholesaler?
Edexcel 2BS01 Business Studies GCSE Unit 3.1`
Businesses which buy in bulk from a manufacturer or other supplier and then sell the stock on in smaller quantities to retailers
Chapter 02
What is customer loyalty?
Edexcel 2BS01 Business Studies GCSE Unit 3.1
The willingness of buyers to make repeat purchases of a product or from a business
Chapter 02
What is product trial?
Edexcel 2BS01 Business Studies GCSE Unit 3.1
When consumers buy a good for the first time and assess whether or not they want to buy it again
Chapter 02
What is repeat purchase?
Edexcel 2BS01 Business Studies GCSE Unit 3.1
When a customer buys a product more than once
Chapter 02
Give two positive and two negative reasons why is it important to give away free products in order to build a successful marketing mix.
Edexcel 2BS01 Business Studies GCSE Unit 3.1
Possible Points (Positive):-
- Enhances the brand
- Attracts a given target market
- Relatively cheap source of advertising Possible Points (Negative):-
- Other elements of the marketing mix may be more important
- Only works if quality is excellent
Chapter 02
What are the different methods of ‘product trial’ that a business could use?
Edexcel 2BS01 Business Studies GCSE Unit 3.1
- Advertising
- Free Samples
- Money off vouchers
- Low initial prices
Chapter 02
What is viral marketing?
Edexcel 2BS01 Business Studies GCSE Unit 3.1
Getting individuals to spread a message about a product through their social networks like Facebook or their group of friends
Chapter 02
Why is repeat purchase important?
Edexcel 2BS01 Business Studies GCSE Unit 3.1
It allows a business to develop brand loyalty with its customers
