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Business Revision > 1.1 - Meeting Customer Needs > Flashcards

1.1 - Meeting Customer Needs Flashcards

1
Q

What is a market?

A

Where buyers and sellers meet to exchange goods, now-a-days it is more specific:

  • financial markets
  • housing markets
  • commodity (raw materials e.g. coal, coffee) markets
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2
Q

What is marketing?

A

A management process involved in identifying, anticipating and satisfying consumer requirements profitably

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3
Q

What does marketing involve?

A
  • Range of activities that help a business sell its products
  • ## Identifying the needs and wants of the customers-
    -
    -
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4
Q

What is a mass market?

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5
Q

What is a niche market?

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6
Q

What are some benefits of being in a mass market?

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7
Q

What are some drawbacks of being in a mass market?

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8
Q

What are some benefits of being in a niche market?

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9
Q

What are some drawbacks of being in a niche market?

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10
Q

What is market size?

A
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11
Q

What is market share?

A
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12
Q

What is the market share formula?

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13
Q

What can the market share formula be used in comparison with?

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14
Q

What can businesses do with market share information?

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15
Q

What is a brand name?

A
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16
Q

What may branding be used for?

A
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17
Q

What is a dynamic market?

A
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18
Q

What is e-commerce?

A
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19
Q

What is online retailing or e-tailing?

A
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20
Q

What are some benefits of e-tailing?

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21
Q

When do new markets occur?

A
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22
Q

What does BRICS stand for?

A

Brazil, Russia, India, China, South Africa.

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23
Q

What does MINT stand for?

A

Mexico, Indonesia, Nigeria, Turkey.

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24
Q

Why does growth occur in new markets?

A
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24
Q

How do businesses adapt to change?

A
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25
Q

How do businesses attract customers?

A
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26
Q

How do businesses deal with competition?

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27
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Who benefits from competition?

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28
Q

What are external factors which could impact a business?

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29
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What is a product-orientated business?

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30
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What is a market-orientated business?

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31
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How does market orientated businesses have advantages over product orientated businesses?

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32
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What makes a business become product or market orientated?

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Business Revision (19 decks)

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