Meeting Customers Needs

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  • Created by: JoeBall11
  • Created on: 13-01-21 17:48
1.1.1
The Market
1. what is a market?
2. why does risk exist?
3. Why does uncertainty exist?
1. A place where buyers and sellers come together to trade goods?
2. Exists because entrepreneurs commit resources e.g money that could be lost.
3. Exists because businesses operate in a ever changing environment some problems businesses face can not be
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1.1.1
The Market
1. Name 3 types of markets
2. What is marketing?
1. Financial markets, The housing markets and Consumer good markets
2. - understanding customer needs
- understanding competitors in the market
-promoting the businesses goods and services
- understanding the dynamic of the market.
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1.1.1
The Market
1. What is a mass market characteristics?
2. What is a niche markets characteristics?
3. What is a dynamic market?
1. -Target large population of the market
- production on large scale
-competitive on head to head price
2. - Target a small population
- Production on small scale
- low volume high profit margins
3. A market which is constantly changing
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1.1.1
The Market
1. What are the characteristics of dynamic markets?
2. what is market size and what can it be measured by?
3. What is the market share equation?
1. -economic growth
- social change
- changes in legislation
- innovation
2. Value- Total amount consumers spent on a product
Volume- Total quantity sold in the market
3. sales of a business/total sales in the marketx100
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1.1.1
The Market
1. How do businesses adapt in dynamic markets?
1. -being flexible
- market research
- investment in technology
- ongoing desire to improve
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1.1.2
Market Research
1. What is market research?
2. Why do businesses conduct market research?
3. What is primary research?
4. What is secondary research
1. The analysis by a business of its competitors and customers.
2. -Insights into customer behavior
- Identify customer needs and wants
- Analysis of competition
3. First hand research carried out by the business itself.
4. Research which already exists
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1.1.2
Market Research
1. name some Primary research examples?
2. Name secondary research examples?
3. What are the positives of Primary research?
4. What are negatives of primary research?
1. E.g. Questionnaires, focus group, interviews and observations.
2. E.g. Google, reports, press article's and government statistics
3. -Specific to the needs of the business
- more up to date and reliable
- Better to collect qualitative data with
4. -
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1.1.2
Market Research
1. What are the positives of secondary research?
2. What are the negatives of secondary research?
1. - Easily accessible
- Fast to gather less time consuming
- often better if wanting to collect quantitative data
2. - not always up to date
- not specific to business
- can be expensive to get hold of
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1.1.2
Market Research
1. What is market orientation?
2. What is product orientation?
3. What are the limitations of market research?
1. Focused on consumer needs, understanding the customer and developing product's that meet customers needs.
2. Focused on production efficiencies and the product itself. (profit margins)
3. -often biased
- collecting it is time consuming
- small sample
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1.1.2
Market Research
1. What is sampling and what is its positives and negatives?
2. How can IT collect and analyze market research?
1. - involves selecting a representative group of people from the target population.
+ Its quicker and easier than collecting research from everyone
- Risk of bias in questions
- less useful in market segments constantly changing.
2. - collecting data th
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1.1.2
Market Research
1. how can technology improve market research?
2. What does market segmentation allow businesses to do?
1. -Technology can mate collection much faster and specific to individual customers
- data is processed more effectively
2. -Differentiate itself from competitors
- Identify and satisfy specific groups of customer's
- develop and build their brand
-Build
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1.1.3
Market Positioning
1. What are the two key stages of market mapping?
2. Factors businesses consider when positioning a product?
1. -Identifying key features that charactrise consumers within a market.
- Place brands on a grid reveal where the competition is concentrated highlighting gaps in the market.
2. -Features of product
- The origin of the product
- The classification of th
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1.1.3
Market Positioning
1. Why is market positioning beneficial?
2. What are the limitations of market games?
1. -Helps businesses decide which market to set up in.
-Helps businesses gain a better understanding competition.
-Is a useful a as market research tool
2. -Only based on two variables
-Different stakeholders have different opinions
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1.1.3
Market Positioning
1. what is competitive advantage?
2. What is products differentiation?
3. How can differentiation?
1. A set of unique features to differentiate from their competitors.
2. Process of making a product different from its competitors.
3. -develop unique brand characteristics
- creating unique product features
-Building good relationship with customers.
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Other cards in this set

Card 2

Front

1.1.1
The Market
1. Name 3 types of markets
2. What is marketing?

Back

1. Financial markets, The housing markets and Consumer good markets
2. - understanding customer needs
- understanding competitors in the market
-promoting the businesses goods and services
- understanding the dynamic of the market.

Card 3

Front

1.1.1
The Market
1. What is a mass market characteristics?
2. What is a niche markets characteristics?
3. What is a dynamic market?

Back

Preview of the front of card 3

Card 4

Front

1.1.1
The Market
1. What are the characteristics of dynamic markets?
2. what is market size and what can it be measured by?
3. What is the market share equation?

Back

Preview of the front of card 4

Card 5

Front

1.1.1
The Market
1. How do businesses adapt in dynamic markets?

Back

Preview of the front of card 5
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