meeting customer needs (1.1)
- Created by: courtroberts
- Created on: 20-03-17 10:36
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- 1.1
- the market
- mass
- product targeted to wide range of people
- niche
- small subsection of market with tailored goods
- market size
- sales of one firm / total market sales (x100)
- market share
- no of units sold x price
- brand
- benefits
- brand loyalty
- charge higher prices
- adds value
- benefits
- risk
- quantifiable and measurable
- uncertainty
- unpredictable
- types
- local
- national
- physical
- online
- mass
- a product produced under a specific name within a company
- market research
- product orientation
- key focus is on products and R&D
- market orientation
- key focus is on what the consumer wants
- primary
- collection of data yourself
- surveys/ interviews/ focus groups
- secondary
- using existing research
- newspaper/ statistics office/ internet
- sampling
- random
- quota
- stratified
- market segmenation
- demographics
- geographics
- income
- behaviour
- product orientation
- market is split into subgroups through demographics
- market positioning
- market mapping
- competitive advantage
- low price
- differentiated
- product differentiation (USP)
- charge high price
- brand loyalty
- add value
- adding value
- marketing
- good technology
- customer service
- USP
- a product is placed in the market relative to its competitors
- porters generic strategy
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