B5 Marketing Flashcards
Marketing
Process of identifying and satisfying customer needs profitably
Ways to identify customer needs and wants
Suggestion box
Focus groups
Advantages suggestion box
Cheap
Satisfies customers
Disadvantages of suggestion box
Minority view
Low participation
Questionnaire
Surveys for businesses to improve
Questionnaires advantages
Cost effective
Can reach each people quickly
Questionnaires disadvantages
Low response rates
Privacy concerns leads to customers not fill out surveys
Focus groups
A group of potential customers together to talk about the proposed new product or service idea
Focus groups advantages
Low costs
In depth insight as allows detailed customer thoughts
Focus groups disadvantages
Time consuming
Hard to persuade people to do it
Interviews advantages
Interviews allow customers to express their thoughts and feelings in their own words
Interviewers can ask additional questions to clarify “are you sure you prefer blue?”
Interviews disadvantages
Hard to persuade people to take part
Time consuming
Complaints advantages
Identify areas of improvement
Improved customer service
Complaints disadvantages
Few customers take the time to complain
Only get opinion of unhappy customers
Market orientation
A business needs to provide products and services that customers will buy
