meeting customer needs (1.1)

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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
    • risk
      • quantifiable and measurable
    • uncertainty
      • unpredictable
    • types
      • local
      • national
      • physical
      • online
  • 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
  • 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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