Businesses and their Customers (SWOT)

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Socio-Econmic Groups
A method of dividng up the poopulation based on the occupation of the head of the household
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Mass Market
Making a product or providing a service aimed at a large number of customers
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Niche Market
A small market for a specialised product
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Product-Orientated
Where a business analyses the market and consumers' needs for a product before starting production
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Market Segmentation
How the market for a product of service is divided - e.g. by age or gender
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Targeting
When a business aims a product or serbice at a particular group of consumers is said to be targeting that group
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Disposable income
The amount of money a consumer has to spend after paying essential bills
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Test Market
Where a business first tests its product in order to see whether consumers will buy it or not
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Market Research
The collection of data on customer habits to help decisions-making in marketing
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Primary Research (Field Research)
Data collected first-hand, often in the form of surveys
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Secondary Research (Desk Research)
The collection of data using research or information provided by others, scuh as magazines, journals and the internet
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Surveys
Primary Research data collected in the form of questionairres and interviews
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Questionairres
A question sheet filled in by the customer
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Interview
A question sheet fielled in by the person conducting the interview
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Consumer Panels
Groups of Consumers who are paid to comment on products and services. They are often kept by a business to act as a permenant method of testing their products
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Target Market
The group of customers to whom a business aims to sell its products. The target market may be other businesses as well as consumers
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Sampling
The method fo choosing a group of customers to represent the views of the target market for a product or service
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Random Sampling
Choosing a sample for market research where each customers has an equal chance of being asked. A true random sample is often difficult ot achieve and is not used as much as quota sampling
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Quota Sampling
A method of choosing a sample that represents the target market, If females by 80% of a rpoduct, then there should be 4 females questioned to every male in a quota sample
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SWOT Analysis
The process of a business looking at its performance against others, examinign Strengths, Weaknesses, Oppurtunities and Threats.
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Other cards in this set

Card 2

Front

Making a product or providing a service aimed at a large number of customers

Back

Mass Market

Card 3

Front

A small market for a specialised product

Back

Preview of the back of card 3

Card 4

Front

Where a business analyses the market and consumers' needs for a product before starting production

Back

Preview of the back of card 4

Card 5

Front

How the market for a product of service is divided - e.g. by age or gender

Back

Preview of the back of card 5
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