2.Understanding customer needs Flashcards
What are most customer needs based on?
Good quality Good product range Convenient location Price Customer service
Why might it be hard to meet customer needs?
Because all customers are different and need different things
What can market research tell a business?
The features customers want Price customer are willing to pay Where they shop Market segmentation Growing or shrinking market
What is primary research, and what is it also known as?
Field research. It involved collecting information that did not exist before
What are advantages to primary research?
Accurate Up-to-date Specific to needs Effective at collecting qualitative data Direct customer contact
What is secondary data, and what is it also know as?
Desk research, it is the process of gathering secondary data, which is information that already exists
What are advantages to secondary research?
More general
Less time consuming
Effective at colleting quantitative data
Obtaining primary research
Surveys Focus groups Questionnaires Observations Experiments
Obtaining secondary research
Sales data Internet sites Local Newspaper Telephone directories Market reports Government statistics
What is qualitative data?
Information about opinions, judgements, attitudes
What is quantitative data?
Data that is expressed by numbers and statistically analysed
What should businesses look at when interpreting data?
Issues to identify the potential size of market, trends in market, and wants of customers
