1.1 Meeting customer needs

HideShow resource information
What are the characteristics of a mass market?
Mass marketing, high sales, mass production, lower costs, higher profits, long lasting, wide appeal
1 of 18
What are the characteristics of a niche market?
Higher price, strong appeal to a limited audience
2 of 18
How can a business increase growth without boosting sales?
Grow the whole market sector
3 of 18
What is market share?
The amount of the market a business owns
4 of 18
What is important about branding?
It makes the company recognised and remembered. Important to achieve differentiation
5 of 18
What are the 4 key factors in a dynamic market?
Online retailing, how markets change, innovation and market growth, adapting to change
6 of 18
How does competition affect the market?
Its the pressure keeping the company from being comfortable and complacent. It makes it difficult for businesses to raise prices
7 of 18
What is the difference between risk and uncertainty?
Risk can be quantified
8 of 18
What is a market-orientated business?
Managers take into account the needs of the consumer before making decisions
9 of 18
What is a product-orientated business?
Managers focus on internal efficiency. Large sales team and focused on cutting costs
10 of 18
What is primary and secondary market research used to?
Identify and anticipate customer needs and wants. Quantify likely demand. Gain insight into consumer behaviour
11 of 18
What are the limitations of market research?
Sample size (Too big takes time and expensive/too small not representative). Sample bias
12 of 18
How can ICT support market research?
Websites (generate online questionnaires). Social media (creates bonds with consumers). Databases (provides retailer with users to find answers to questions)
13 of 18
What is market segmentation?
Finding ways to divide up the market to identify untapped opportunities
14 of 18
What are the two stages of market mapping?
Identify the key characteristics of consumers within a market and place every product on a grid
15 of 18
What is competitive advantage?
an advantage gained by offering consumers greater value, either by lower prices or by providing greater benefits and service that justifies higher prices
16 of 18
What is the purpose of product differentiation?
Insulate the product from competition and allow the business to raise its prices
17 of 18
What is added value?
Stretching the difference between the costs of bought-in goods and services and the price the company can get for its goods
18 of 18

Other cards in this set

Card 2

Front

What are the characteristics of a niche market?

Back

Higher price, strong appeal to a limited audience

Card 3

Front

How can a business increase growth without boosting sales?

Back

Preview of the front of card 3

Card 4

Front

What is market share?

Back

Preview of the front of card 4

Card 5

Front

What is important about branding?

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Business resources:

See all Business resources »See all Meeting customer needs resources »