1.1 Meeting Customer Needs 0.0 / 5 ? Business StudiesMeeting Customer NeedsEntrepreneurs and LeadersMarket- Demand and SupplyASEdexcel Created by: tomstodd23Created on: 04-01-18 13:58 Different Types of Market 1) Industrial, 2) Consumer, 3) Local, 4) Electronic. 1 of 20 Markets Anywhere where buyers and sellers communicate to exchange goods and services. 2 of 20 Dynamic Market A fast-paced and constantly changing market. 3 of 20 Monopoly Where the market is dominated by one seller or producer. The legal market share to become a monopoly is 25%. E.g. Royal Mail for letters. 4 of 20 Oligopoly A market dominated by a small number of businesses who are able to collectively exert control over supply and market prices- e.g. supermarkets. 5 of 20 Duopoly An industry which is dominated by two large firms- e.g. Coca-Cola and Pepsico. 6 of 20 Collusion Where businesses decide a market price in secret, which is illegal. 7 of 20 Product Orientation A business develops products based on what it is good at doing. 8 of 20 Market Orientation A Business responds to customer wants and needs and designs the product accordingly. 9 of 20 Sampling A selection of customers are targeted to produce responses which represent the entire market. 10 of 20 Examples of Primary Research Focus group, Questionnaire, Observation, Test Marketing, Various types of survey. 11 of 20 Examples of Secondary Research Government documents, Internal data, Information from competitors, The Internet, Commercial Publications, The EU. 12 of 20 Quantitative Research Research involving statistics and date from closed questions. 13 of 20 Qualitative Research Research involving detailed information such as opinions from open questions. 14 of 20 Explanatory Research Research that answers the questions of why and how something happened. 15 of 20 Exploratory Research Research that involves lengthy answers to define a specific problem, and is involved with predicting that something is going to happen. 16 of 20 Factors that affect market research Theoretical, practical and ethical factors. 17 of 20 Market Segment A group of people sharing characteristics that cause them to have similar product or service needs. 18 of 20 Examples of segmentation variable Age, Job, Location, Wealth, Gender, Social Class, Culture, Habits, Hobbies etc. 19 of 20 Ways to create USP (Unique Selling Point) Price, innovation, reliability, quality, branding and image etc. 20 of 20
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