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business > 1.1 meeting customer needs > Flashcards

1.1 meeting customer needs Flashcards

1
Q

what are the characteristics of a mass market

A
  • targets a large population
  • large amount of competition
  • provides a general product for many customers
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2
Q

what are the characteristics for a niche market

A
  • small population of market
  • specialised products
  • low competition
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3
Q

what is a risk

A

potential threats to business success , can be identified

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4
Q

what is uncertianty

A

outcome is unpredictable, cannot be identified

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5
Q

what is a dynamic market

A

constantly changing mass market

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6
Q

how do businesses adapt to market share

A
  1. be flexible
  2. carry out market research
  3. invest in new technology, people and products
  4. continuous improvement
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7
Q

what is the calculation for market share

A

sales of business / total sales in market x100

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8
Q

what is market share

A

the level of proportion of a particular market that a business owns

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9
Q

what is a brand

A

a name, image, logo which helps stand out from competition

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10
Q

what is online retailing

A

selling a product via the internet

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11
Q

how do markets change

A
  1. changing customer tastes
  2. changing demographics
  3. amount of competition
  4. changing legislation
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12
Q

what is innovation

A

adaptation / improvement of existing products or processes

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12
Q

what is market growth

A

measurement of change in the market

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12
Q

what is market growth influenced by

A

population, incomes, tastes / preference

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12
Q

what is market orientation

A

focusing on the needs of the customer

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12
Q

how does competition effect businesses (high and low) POSITIVE

A

high competition:
- incentive to innovate and improve
- focus to improve efficiencies
- competitive pricing

low competition:
- can dominate the market
- can afford inefficiencies
- set high prices
- little incentive to increase

12
Q

how does competition effect consumers (high and low)

A

high competition :
- lots of choice
- good value for money
- exciting new product development

low competition:
- limited choice
- high prices
- poor services

12
Q

how can a business adapt to change

A

create flexible business structures, meet customer needs, invest (on staff, training etc), innovate

12
Q

what is product orientation

A

focusing on the product features over customer wants and needs

12
Q

what are the strengths and limitations of primary market research

A

+ new, direct information
- expensive, time consuming and difficult to produce

13
Q

what is primary research

A

first hand, gathering information directly from consumers e.g questionnaires

14
Q

what is secondary market research

A

second hand, from sources which already exist e.g. market reports

15
Q

what are the strengths and limitations of secondary research

A

+ quicker to collect, cheap, easy access
- could be outdated, not specific, can be unreliable

16
Q

what are the limitations of market research ( sample size and bias)

A

sample size - may have too much / too little information

sample bias - may be difficult to understand bias opinion

17
Q

how can businesses use ICT to support market research

A
  • social media : identifies trends, improve marketing, understands markets
  • company websites : primary data gathered more cheaply
  • databases : store large amounts of information
18
Q

what is market segmentation

A

splitting up the market into groups based on similar characteristics / needs

19
Q

what are the most common ways to segment a market

A
  • location
  • demographics
  • behaviour
  • lifestyle
  • income
  • age
20
Q

what is market mapping

A

a tool for identifying a position of a product within a market , usually used when launching

21
Q

how do you interpret a market map

A

little space left = saturated market
existing space = gap in the market

22
Q

what is market research used for

A

to identify a gap in the market

23
Q

what is a competitive advantage

A

how the business is made distinctive and defensible

24
Q

what are the sources of competitive advantage

A
  • quality
  • design
  • ethicality
  • price
  • customer service
  • brand image
25
Q

what is adding value

A

difference between £ charged of product and production cost

26
Q

what are the methods of adding value

A
  • marketing / branding
  • design
  • customer service
  • function / features
27
Q

what is the purpose of product differentiation

A

attempt by business in order to distinguish its products from competitors

28
Q

what are the ways of product differentiation

A
  • may be tangible (visible)
  • perception made in customers mind
29
Q

what are the advantages of product differentiation

A

+ helps increase demand
+ gives brand loyalty
+ allows increased price

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