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Business > 1.1- meeting customer needs > Flashcards

1.1- meeting customer needs Flashcards

1
Q

What are marketing objectives?

A

The targets the marketing department must achieve

eg. increasing sales by 15% within 12 months

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2
Q

What are marketing strategies?

A

The medium-to-long term plan for meeting the marketing objectives

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3
Q

What is marketing segmentation?

A

Dividing a market up by customer stereotypes

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4
Q

What is the marketing process?

A

Set marketing objectives -> identify market opportunity -> decide on a strategy -> devise a coherent marketing mix

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5
Q

What are the main aims of market segmentation?

A

-identify target market
-focus your market research
-focus your advertising

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6
Q

What is a mass market?

A

the market that is aimed at the general population

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7
Q

What is a niche market?

A

a subset of the main market and addresses a specialist want or need

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8
Q

What are the pros and cons of mass markets?

A

Pros:
-large scale production means EOS and lower average unit costs
-straightforward as everyone is targetted
-larger volumes of sales

Cons:
-lots of competition
-similar products need to be differentiated which can be expensive
-high volume production not flexible to demand changes

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9
Q

What are the pros and cons of niche markets?

A

Pros:
-charge premium prices
-easier to target customers
-less competition

Cons:
-risky as demand may not be constant
-higher unit costs

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10
Q

What is market share?

A

Shows the size of a company in relation to its market and its competitors

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11
Q

How can market share be measured?

A

-Volume of sales
-Physical quantity of sales sold
-Total amount spent by customers

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12
Q

What is the formula for market size?

A

(sales of x/total sales in whole market) X100

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13
Q

How can competitive markets benefit consumers?

A

-Makes businesses more efficient
-Means the business needs to listen to wants and needs
-Business will be less wasteful
-Business will produce a good qualitu product/service

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14
Q

What is a business risk?

A

When the potential outcomes of a decision are known

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15
Q

What is business uncertainty?

A

None of the outcomes are known in advance

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16
Q

What is product orientation?

A

The product is the most important factor when providing products for a market

17
Q

What is market orientation?

A

The business finds out the wants and needs of the customer and responds to them

18
Q

What should businesses research?

A

-Customer wants and needs
-Gap in the market
-Suppliers
-Materials
-What competitors sell

19
Q

What is primary research?

A

Found by the researcher

20
Q

What is secondary research?

A

Found by someone else

21
Q

What are the pros and cons of primary research?

A

Pros:
-Specific and personalised
-In date information
-Reliable

Cons:
-Time consuming
-Expensive

22
Q

What are the pros and cons of secondary research?

A

Pros:
-Quicker
-Cheaper
-Specialist information

Cons:
-Could be out of date
-Not specific

23
Q

What are primary research methods?

A

-Questionnaires
-Interviews
-Focus groups
-Consumer panels

24
Q

What are secondary research methods?

A

-Annual reports
-Government sources
-News
-Specialist publications

25
Q

What is quantative data?

A

Data involving numbers, usually displayed in charts, graphs etc.

Quick for consumers

26
Q

What is qualitative data?

A

Data involving words to explore feelings and thoughts about a product

Not ideal for consumers

27
Q

What are the issues with research?

A

-People could lie
-Things can be outdated
-Hard to organise
-Could be expensive

28
Q

What is segmentation?

A

Splitting potential customers into stereotypes

29
Q

What are examples of ways of segmenting?

A

-Gender
-Age
-Nationality
-Culture
-Income

30
Q

Why should a business segment customers?

A

-Easier to research
-Can target accurately
-Reduces risk
-Accurately meet wants and needs
-Gain competitive advantage

31
Q

What is market positioning?

A

A strategy that aims to make a brand/company occupy the mind of its target market

32
Q

How can a business position?

A

-Colour
-Slogans
-Certain words
-Prices
-Features
-Patterns
-Ambassadors

33
Q

Why should a business position?

A

-Build reputation
-Competitive advantage
-Build relations with customers
-Less advertisements needed
-Increases brand awareness

34
Q

What are ways to differentiate?

A

-Quality
-Prices
-Good reputation
-Aesthetics

35
Q

How can you be the cheapest in order to stand out?

A

-Cut costs
-Use cheaper materials
-Gain economies of scale
-Reduce quality

36
Q

What does differentiation mean?

A

What you do differently competitors

37
Q

How can you differentiate in order to stand out?

A

-Have a unique selling point
-Be higher quality
-Be cheaper
-Have a better reputation
-Celebrity endorsement

Business (4 decks)

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