1.1 Meeting Customer Needs Flashcards
What is a market?
A market is any place where buyers and sellers can meet.
What is the aim of marketing?
The aim of marketing is to help identify, anticipate and satisfy consumers needs and wants profitably.
What is market research?
Market research is the process of systematically gathering data from consumers which can be used to influence the business decisions
What are the characteristics of a mass market?
Products are aimed at broad market segments, production on a large scale, mass marking (when products are sold to most of the available market)
What are the characteristics of a niche market?
Products are aimed at a subset of the larger market, Niche marketing (when businesses satisfy the demands of a small group of consumers), Production on small scale
What is a brand?
A brand is a name, image or logo which helps one product/service stand out from competitors.
What is product differentiation?
The process of distinguishing a product or service from its competitors
What is adding value?
The difference between the selling price and the cost of input
What is a dynamic market?
A dynamic market is a market that is subject to rapid or continuous changes
What are the pros of online retailing?
Provide business access to more consumers, longer trading hours, cheaper to run, helps with primary market research, consumers can receive offers, consumers can shop at any time
What are the cons of online retailing?
Could be high costs for web development, dominated by larger businesses, high levels of competition, lack of personal contact, harder to have good customer service, difficult to make returns, opens consumers to fraud
What changes cause markets to be dynamic?
Changing consumer tastes a d preferences, changing demographic, the amount of competition, changing legislation
What is market growth?
Market growth is the measurement of the change in the entire market expressed as a percentage
What is product orientation/
A product orientation is an approach to marketing that focuses on the characteristics of the product rather than the needs of the consumer
