Businesses and their Customers

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What is marketing?
Marketing is about responding to consumers' needs.
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What is primary (field) research?
This is a form of market research which involves gathering new data that hasn't previously been collected e.g. surveys, interviews etc.
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What is secondary (desk) research?
This is another form of market research which involves gathering existing data that has already been produced e.g. internet, news articles.
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Why do businesses conduct market research?
To help them identify gaps in the market and business opportunities.
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What does the phrase 'markets are dynamic' mean?
It means that markets are always changing and a business must be aware of market trends and evolving customer requirements caused by new fashions or changing economic conditions.
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What is quantitative market research?
The collection of information about the market based on research.
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What is qualitative market research?
The collection of information about the market based on subjective factors such as opinions and reasons.
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What is sampling?
Sampling is when a group of respondents or factors whose views or behaviour should be representative of the target market as a whole.
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What are the four Ps in the marketing mix?
Price, Promotion, Place and Product.
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What is the marketing mix?
This is all the activities needed to market a product?
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What factors affect the price of a product?
The cost of production, what competitors are charging, the need for profit, what people are willing to pay and the quantity of stock.
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What impacts the choice of location?
Transport, competitors, target market, surroundings and what the product is.
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What impacts the choice of distribution method?
The type of product, company size, aims of the business and the location.
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What is market segmentation?
The classification of customers or potential customers into groups of sub-groups (market segments), each of which responds differently to different products or marketing approaches.
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What is a test market?
When a business is unsure whether a new product will sell it, it will sell the product in a particular area or within a certain group of people to test whether the customers actually like it.
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What is a mass market?
A product or service aimed at lots of people (e.g. family car).
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What is a niche market?
Aimed at smaller groups of people.
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What is the product life cycle?
The lifespan of a product showing the path from the beginning of the product to its withdrawal from the market.
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When should companies take notice of pressure groups?
The strength of the pressure group (numbers involved), if it will have a negative impact on the business, the cost of doing what the business wants and the impact on other stakeholders.
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How can businesses respond to pressure groups?
Give them what they want, adapt your business to suit both you and them, make a compromise or ignore them and do nothing.
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Card 2

Front

What is primary (field) research?

Back

This is a form of market research which involves gathering new data that hasn't previously been collected e.g. surveys, interviews etc.

Card 3

Front

What is secondary (desk) research?

Back

Preview of the front of card 3

Card 4

Front

Why do businesses conduct market research?

Back

Preview of the front of card 4

Card 5

Front

What does the phrase 'markets are dynamic' mean?

Back

Preview of the front of card 5
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