1.1 Meeting customer needs

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In which market is a business more likely to gain economies of scale?
The mass market
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A brand is a _____ or service that has one or more unique elements.
Product
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What two things can a strong brand lead to?
Customer loyalty and greater profits
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Which market segment appeals to all types of consumers?
The mass market
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Online retail is a _____ market as it continues to change and develop in terms of how customers can purchase goods and services.
Dynamic
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Businesses can use innovation to maintain or increase their _____. Innovation creates change within markets as it involves the introduction of new and improved _____ and services.
Competitiveness and products
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Devices including wearable fitness trackers have entered the market in recent years. What has mainly enabled this?
Technology
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Typically, if there are lots of new competitors in a market, _____ for each individual business' products & services will fall
demand
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Competition can affect a business' costs and demands as the presence of competitors may reduce _____ for a business' product or service
demand
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What are three risks that entrepreneurs starting new businesses face?
Risk of failure, financial loss and lack of security
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Entrepreneurs often lose the security that they had with their job in terms of a regular _____. This means that if the business isn't many any _____, the entrepreneur may have no money to live off.
wage and profit
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_____ is when a business cannot know how a situation will turn out
Uncertainty
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What does risk occur?
When something could go wrong
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When does uncertainty occur?
When the outcome of a situation is not known
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What does market research not usually focus on?
Employee opinion
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What are the 3 main areas market research usually gathers information on?
Target market, competition and demand
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What are the two types of market research data?
Qualitative and quantitative
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Market research into a business' _____ market will give the business insights into their customers' wants and _____ and how they are changing over time.
target and needs
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What is quantative data?
Collects factual information on things that can be quantified and recorded easily
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What is qualitative data?
Collects information about opinions and views
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_____ research generally collects information about opinions and views.
Qualitative
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What is a disadvantage of sampling?
It may not accurately reflect the full target market
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What is an example of sampling?
If a business which provides hearing aids wants to perform market research, it can perform sampling on a cross section of the ederly population
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Sampling reduces costs as a business can choose a _____ -section of the population instead of collecting data from everybody
cross
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What are 3 reasons why businesses use market segmentation?
Choosing marketing mix, choosing promotion and market mapping
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Market _____ is a process to identify a gap in the market by looking at what competitors offer
mapping
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What 4 variables can be used to segment customers in a market?
age, gender, income and location
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Market mapping can be used to identify a gap in the market by looking at what _____ offer
competitors
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Which 2 factors are often used for market mapping?
Price and quality
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Other cards in this set

Card 2

Front

A brand is a _____ or service that has one or more unique elements.

Back

Product

Card 3

Front

What two things can a strong brand lead to?

Back

Preview of the front of card 3

Card 4

Front

Which market segment appeals to all types of consumers?

Back

Preview of the front of card 4

Card 5

Front

Online retail is a _____ market as it continues to change and develop in terms of how customers can purchase goods and services.

Back

Preview of the front of card 5
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