1.1) Meeting Customer Needs Flashcards
Define the term Market.
A Market is any place where buyers and sellers meet to exchange goods or services.
What is meant by the term Market Share?
Market Share is the proportion of the total Market sales a business controls.
What is the aim of Marketing?
The aim of Marketing is to help identify, anticipate, and satisfy consumer needs and wants profitably.
True or False?
Wants are considered to be essential.
False.
Needs such as shelter or food are considered to be essential, while Wants are desires that are non-essential.
Define the term Mass Market.
A Mass Market is where products are aimed at broad market segments.
Define the term Brand.
A Brand is a name, image, or logo that helps a business to stand out from its competitors.
State the formula for calculating Market Share.
Market Share = Sales of a Business/Total Sales in a Market × 100
Define the term Niche Market.
A Niche Market is where products are aimed at a small subset of consumers in the market.
What is the purpose of Branding.
Branding is one of the key ways businesses achieve product or business differentiation.
Define the term Dynamic Market.
A Dynamic Market is one that is subject to rapid or continuous changes.
What is meant by the term Primary Research?
Primary Research is the process of gathering first-hand information directly from consumers in the target market.
What is meant by the term Market Segmentation?
Market Segmentation is the process by which a single market is divided into sub-markets containing consumers with similar characteristics.
Define the term Product Orientation.
Product Orientation is an approach to marketing that focuses on the characteristics of the product rather than the needs of the consumer.
What is meant by the term Secondary Research?
Secondary Research involves the collection, compilation, and analysis of data that already exists.
True or False?
Primary Research is cheaper and quicker than Secondary Research.
False.
Primary Research is usually more expensive and time-consuming than gathering Secondary Research.
State how Researcher Bias can affect survey findings.
Researchers may guide respondents to answer questions in a particular way.
What is the purpose of Market Segmentation?
Market Segmentation allows firms to precisely target different groups of consumers.
True or False?
Primary Market Research may include purchasing market reports from specialist companies or accessing government statistics.
False.
Secondary Market Research may include purchasing market reports from specialist companies or accessing government statistics.
Define the term Market Orientation.
Market Orientation is an approach to marketing that focuses on the needs of consumers and uses this information to design products that meet those needs.
What is meant by the term Test Marketing?
Free samples are provided to consumers in the target market for a limited period to gauge their response to the product.
