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Business Theme 1 Key Terms > 1.1 Meeting Customer Needs > Flashcards

1.1 Meeting Customer Needs Flashcards

1
Q

Brand

A

A symbol, logo or design that is recognisable and distinguishes a product from competitors

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2
Q

Competition

A

A rivalry among sellers trying to achieve goals such as increasing profits, market share, and sales volume

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3
Q

Competitive market

A

When there are many rivals selling similar products

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4
Q

Competitor

A

A rival business operating in the same market offering similar goods or services

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5
Q

Direct competition

A

Businesses produce similar products that appeal the same group of customers

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6
Q

Dynamic market

A

A market that is subject to rapid/continuous change

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7
Q

Indirect competition

A

Different businesses make or sell products that are not indirect competition but compete for the same customer experience. For example Netflix and the local cinema.

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8
Q

Innovation

A

The creation, development and implementation of a new product, process or service

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9
Q

Market

A

Where buyers and sellers interact

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10
Q

Market growth

A

An increase in demand/sales for a particular product/service

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11
Q

Market share

A

The percentage of the total market of business has in terms of volume or value

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12
Q

Market size

A

The total amount of sales/customers in a market measured by value/volume

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13
Q

Mass market

A

A large on segmented market where mass appeal products are on sale

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14
Q

Niche market

A

A specialist area of the market/is a subset of the market on which a specific product focuses. It is a smaller segment of a larger market where consumers have specific needs and wants.

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15
Q

Online retailing

A

Selling goods and services on the Internet

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16
Q

Product innovation

A

The development/creation of products not previously available

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17
Q

Sales volume

A

The quantity of a good or service sold within an imperial of time. Calculation equals sales revenue/selling price.

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18
Q

Uncertainty

A

But inability to predict/a lack of knowledge about future events and outcomes/reasons for uncertainty. Is caused by unexpected often external factors outside the businesses control, even though sometimes these can be predictable.

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19
Q

1.1.2

Biased questions

A

Where the questions do not produce findings that give a true reflection of the views of the target audience on the product or service

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20
Q

Consumer behaviour

A

How consumers make decisions about how they choose and use products or services

21
Q

Databases

A

An organised collection of data stored electronically with instant access, searching and sorting facilities

22
Q

Face-to-face survey

A

A research method used where the interview or communicates directly with the respondent using a questionnaire

23
Q

Focus group

A

A group of people who participate in a discussion as part of market research to give feedback about a product or service

24
Q

Government data

A

Government publications that a business can use such as the census of the population

25
Interview bias
Where the opinion of the interviewer interferes with the judgements of the interviewee
26
Market orientation
When a businesses product/services are based around the needs and wants of the customer
27
Market reports
A document that contains information, stats, research and facts on a chosen field
28
Market research
Gathering, presenting and analysing information about products/customers
29
Market segmentation
Dividing a whole market into particular customer groups that have similar characteristics
30
Market segment
And identify a group of individual/a part of the market where consumers share one or more characteristic or need
31
Observations
When market researchers watch the behaviour of customers
32
Primary market research
Obtaining data firsthand by the business to match the specific needs of the business. It can also be known as field research.
33
Product orientation
When a business prioritises a products design quality or performance rather than meeting customer preferences to guide production and marketing decisions
34
Qualitative research
Market research collected relating to the opinions and beliefs of consumers. Data not present presented numerically.
35
Quantitative research data
Numerical information gathered and can be presented and analysed using graphs, charts, tables, et cetera
36
Respondent bias
When respondent respond inaccurately to a question for some reason
37
Sample
A small group of people who must represent a proportion of a total market when carrying out market research
38
Secondary market research
Data collected by another business or organisation but used by the business in question. Also known as a desk research.
39
Segmentation
Dividing the market into groups of people with similar attributes or common characteristics
40
Social networking
Platform such as Facebook and YouTube which can be used to market of businesses product/services
41
Survey
A method of (primary) research used to collect information
42
Test marketing
Trialling the product in a small area or to a limited number of users to assess the suitability of a product
43
Trade publications
Specialist magazines that look at current trends in the business world
44
1.1.3 Added value
The increase in value that a business creates when producing a product/service. The difference between the price the customer pays and the total cost of inputs needed to create a product.
45
Competitive advantage
A feature of a business and/or its products that enable it to compete effectively with arrival producers/products
46
Differentiation
Making products or services different or distinct from competing product/creating a USP
47
Market mapping
A form of market positioning. It is the use of a two – dimensional diagram that plots products or services in the market using two key variables. It is used to spot a gap in the market.
48
Market positioning
An effort to influence consumer perception of a brand or product, relative to the perception of competing brands or products
49
Product differentiation
The act of distinguishing a product/service from competitors to make it more attractive to a particular target market

Business Theme 1 Key Terms (5 decks)

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