1.1 Meeting customer needs Flashcards
What is a mass market?
A mass market is a market that is aimed at lots of people.
What is a niche market?
A market that is only aimed at a small percentage of people.
What are advantages of a mass market?
There are more customers and more competition.
What are advantages of a niche market?
There is more customer loyalty so a business can charge a higher price.
What’s the difference between market size and market share?
Market size is the whole markets value/popularity; however, market share is the percentage of the market a business controls.
What’s a dynamic market?
A market that is constantly changing.
What is a competitive market?
When a market has high competition when selling similar products.
what is market orientation?
When a business focuses on consumer satisfaction over the actual product.
What is product orientation?
When a business focuses on the product over their target audiences wants.
What is the difference between primary and secondary research?
Primary research is when a business goes out themself to gather info about the market. Secondary research is when they use other peoples research for the market.
What is the difference between qualitative and quantitative data?
Qualitative data is data that is opinion based whereas quantitative data is when the data is based on numbers and stats.
Why is technology good for market research?
It allows people to do online surveys or forms so it is more convenient for the consumers taking part so there will be more responces.
What is market segmentation?
The % of the market a product or business are aiming themselves at.
what does market mapping mean?
When a business uses a graph to understand their competitors behaviour based on price and quality.
what is competitive advantage?
When a business has an advantage of some sort over their competition.
