Business Learning Outcome 1

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  • Created by: RHunwicke
  • Created on: 09-01-22 16:40
Definition of Market Segmentation
Market segmentation is the process of grouping potential customers together based on different factors.
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Six Ways of Segmenting a Market
Age
Gender
Occupation
Income
Geographic
Lifestyle
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Benefits of Segmenting a Market
-Able to focus on the wants/needs of customers and more likely to meet them
-More likely to make sales because they are focused for specific group
-More able to focus their advertising and other marketing at the right group of customers
-More able to prod
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6 Ways Customers Vary
-The amount of money they are able to spend
-The amount of money they are willing to pay
-The quantity of products they require
-The quality of products they require
-The location in which they want to purchase
-The time in which they want to purchase
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Customer Feedback Techniques are.....
The methods a business uses to allow customers to tell them what they think about their product
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Examples of Customer Feedback Techniques
-Social media
-Websites
-Online surveys
-Customer comment cards
-Comments made to staff
-Telephone/Email surveys
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What is Market Research?
Market research is the process of finding out what customers want and need
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What is Primary (Field) Market Research?
Its when a business gather their own information and data. It is unique and does not already exist.
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Some Examples of Primary (Field) Research
-Surveys
-Questionnaires
-Focus groups
-Observations
-Customer trials
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What are the Benefits of Primary (Field) Market Research
-Results are exactly what the business wants to find out
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What are the Disadvantages of Primary (Field) Research?
-It is usually more expensive than secondary research
-It is more time consuming
-Slower to get results
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What is Secondary (Desk) Market research?
Its when a business uses data that already exists and not tailor made for the business.
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Some Examples of Secondary (Desk) Market Research
-Internet Research
-Books
-Newspapers
-Data already collected from competitors
-The government
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What are the benefits of Secondary (Desk) Market Research?
-Its quicker to complete
-Its cheaper
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What are the Disadvantages of Secondary (Desk) Market research?
-It is not unique
-Doesn't allow businesses to ask further questions
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Other cards in this set

Card 2

Front

Six Ways of Segmenting a Market

Back

Age
Gender
Occupation
Income
Geographic
Lifestyle

Card 3

Front

Benefits of Segmenting a Market

Back

Preview of the front of card 3

Card 4

Front

6 Ways Customers Vary

Back

Preview of the front of card 4

Card 5

Front

Customer Feedback Techniques are.....

Back

Preview of the front of card 5
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