Marketing is a core part of GCSE Business Studies. Revise the key concepts and common mistakes below, then lock them in with the free games.
Key concepts
MarketingIdentifying customer needs and meeting them profitably
4 PsProduct, Price, Place, Promotion
Market segmentA group of customers with similar needs
DemographicSegmentation by age, gender, income, job
USPUnique Selling Point that beats competitors
Brand imageHow customers perceive a business's brand
IntroductionLaunch stage — low sales, heavy promotion costs
GrowthSales rising fast, profits start to flow
MaturityPeak sales, competition strong, profits stable
DeclineSales falling — withdraw or extend the product
Extension strategyTactic to delay decline (new market, redesign)
Market shareFirm sales / total market sales x 100
Niche marketSmall, specialised segment of a wider market
Mass marketLarge market with broad customer appeal
Common mistakes to avoid
Questions where students often pick the tempting wrong answer — make sure you know the right one:
What are the four Ps of the marketing mix?✗ The four Ps are Product, Price, Profit, and People. ✓ Product, Price, Place (distribution), and Promotion — the controllable variables a business uses to satisfy customers and achieve objectives.
What is a brand in marketing?✗ A brand is just the logo on a product. ✓ A combination of name, design, symbols and associations that distinguishes a product and creates customer perception and loyalty — more than just a logo.
What is a franchise?✗ A franchise is when a business owns multiple branches itself. ✓ An arrangement where a franchisor grants a franchisee the right to use their brand, products and systems in exchange for fees and a share of revenue.
Which is a likely BENEFIT of targeting a niche market?✗ Massive volumes sold ✓ Lower competition and higher margins
What is the difference between primary and secondary market research?✗ Primary research is the most important and secondary research is less important. ✓ Primary research is original data the business gathers itself (surveys, interviews); secondary research uses existing data (reports, government statistics, market intelligence).
Practise Marketing — free games
Test yourself with these quick revision games for this topic:
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