1.2 Flashcards

1
Q

Choice

A

Giving customers options and increasing the chance that the product will be perfect for the tastes/habits of one type of customer.

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2
Q

Convenience

A

Making life easier for customers, perhaps by a great location (next to the bus stop) or a product that saves time in preparation or consumption.

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3
Q

Identifying customers

A

Finding out who they are: their age, gender, incomes, where they live and what they want.

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4
Q

Quality

A

To a customer quality means getting what they want, or perhaps better than expected; some companies use the term ‘customer delight’.

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5
Q

Understanding customers

A

Learning why customers do what they do, making it easier to see how to make a product that better suits them.

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6
Q

Focus group

A

A group discussion among people selected from the target market; it draws on psychology to provide qualitative insights into consumer attitudes.

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7
Q

Primary research

A

Research conducted first-hand; it is tailored to a company’s specific needs.

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8
Q

Qualitative data

A

In-depth research into the opinions and views of a small group of potential or actual customers; it can provide insight into why consumers buy what they buy.

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9
Q

Quantitative data

A

Factual research among a large enough sample of people to provide statistically reliable results.

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10
Q

Secondary research

A

When a company uses research that has already been carried out for general purposes.

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11
Q

Demographics

A

The study of the statistical differences that exist within a population, both now and in the future.

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12
Q

Lifestyle

A

Grouping people by common characteristics in how they live.

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13
Q

Location

A

The extent to which consumers identify with the place where they were born or grew up.

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14
Q

Market segments

A

The subsets within a market that have been identified as a result of market segmentation.

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15
Q

Competition

A

Companies operating in your market or market sector.

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16
Q

Gap in the market

A

An area on a market map where few or no existing brands operate, implying a business opportunity to fill an unmet consumer need.

17
Q

Market map

A

Measuring where existing brands sit on a two-factor grid, for example young/old compared with high price/low price.

18
Q

Competitive environment

A

The strength of competition between companies in the same market.

19
Q

Innovative

A

A new, perhaps original, product or process.

20
Q

Unethical

A

An action or decision that is wrong from a moral standpoint.

21
Q

Aims

A

A general statement of where you’re heading, for example ‘to get to university’.

22
Q

Market share

A

The percentage of a market held by one company or brand.

23
Q

Objectives

A

A clear, measurable goal, so success or failure is clear to see.

24
Q

SMART objectives

A

Targets that are specific, measurable, achievable, realistic and time-bound.

25
Q

Survival

A

Keeping the business going, which ultimately depends on determination and cash.