Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

business a level > 1.1 meeting cutomer needs > Flashcards

1.1 meeting cutomer needs Flashcards

1
Q

what is a mass market?

A
  • where a business sells into the largest part of the market

- there are many similar products offered by competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

what is a niche market?

A
  • where a business targets a smaller segment of a larger market
  • customers have more specific needs and wants
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

what are key features of a mass market?

A
  • customer needs and wants more general
  • associated with higher production output
  • success associated with low cost operation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

advantages of a mass market?

A
  • cheaper production, economies of scale
  • larger audience
  • cheaper labour
  • cheaper prices=attraction
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

disadvantages of a mass market?

A
  • associated with lower quality due to price
  • harder to charge premium price
  • if people don’t want the product they’re left with lots of stock
  • mass production= 1 mistake= stock wasted
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

advantages of a niche market?

A
  • less competition
  • clear focus, specific target market
  • builds specialist skills
  • charge premium price
  • profit margins often higher
  • more loyal customers
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

disadvantages of a niche market?

A
  • lack of economies of scale
  • risk of over dependence on one product
  • likely to attract competition if successful
  • vulnerable to market changes
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

what is the formula for growth rate?

A

units sold for previous year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

what is market share?

A
  • how the market is split between the existing competition
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

what is a dynamic market?

A
  • they all change

- place and nature of change varies by market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

what are key sources of change in dynamic markets?

A
  • customer tastes and preferences
  • impact of technology on what and how customers buy
  • impact of new market entrances
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

what are examples of highly dynamic markets?

A
  • film industry
  • taxi service
  • camera market
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

what is an industry disputer?

A
  • does something different in the industry which disturbs flow
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

why do markets change?

A
  • to meet the needs of an ever changing society
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

what is market research?

A
  • gathering information about the target market

- (consumers, competitors, distribution)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

why is market research important?

A
  • amounts people are wiling to pay
  • quantities they buy
  • time and place they buy
  • media they see
17
Q

what insights are provided by market research?

A
  • dimensions of the market
  • competitor strategy
  • needs and wants of customers
  • market segments
18
Q

what is production orientated?

A
  • business develops products based on what it is good at doing
19
Q

what is marketing orientated?

A
  • businesses respond to customer needs and wants

- designs products accordingly

20
Q

what are types of market research?

A
  • primary

- secondary

21
Q

what is primary research?

A
  • data collected first hand for a specific purpose
22
Q

what is secondary research?

A
  • data that already exists and which has been collected for a different purpose
23
Q

what are advantages of primary research?

A
  • more reliable
  • gains opinions
  • specific to your business
24
Q

what are disadvantages of primary research?

A
  • high costs
  • time consuming
  • inaccurate feedback
25
Q

what are advantages of secondary research?

A
  • quicker
  • cheaper
  • lots of it
26
Q

what are disadvantages or secondary data?

A
  • not specific

- may not be reliable

27
Q

what is market segmentation?

A
  • involves dividing a market into parts that reflect different customer needs
28
Q

what are the main market segments?

A
  • demographic
  • income
  • behavioural
  • geographical
29
Q

what is market positioning?

A
  • when launching a new product/service companies need to decide where they want to position the brand in relation to customer perceptions and positioning of competitors
30
Q

how is market positioning achieved?

A
  • market mapping
31
Q

what gives a business competitor advantage?

A
  • prices
  • USP
  • customer service
  • innovation
32
Q

what’s adding value?

A
  • the difference between the price of the finished product/service and the cost of the inputs involved in making it
33
Q

what are ways to add value?

A
  • build a brand
  • deliver excellent customer service
  • add product features
  • operate efficiently

business a level (24 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions