Business 1.2 Flashcards
Customer Needs
The things customers need satisfying when they buy products or services.
Price
How much customers are willing to pay for a product or service. It will influence their decision to purchase or not and help determine image.
Quality
Described as ‘fitness for purpose’ and will influence image.
Choice
The variety on offer eg Caffe Nero, Starbucks, Costa etc
Convenience
Something that saves time or makes things easier eg ready meals
Gap in the Market
Occurs when no business is serving particular needs in the market.
Primary Research
Information that has been gathered for a specific purpose, such as finding out if your customers like your products.
Secondary Research
Information that already exists such as Government reports, newspapers or internet articles.
Quantitative Research
Data that can be expressed as numbers and can be mathematically analysed.
Qualitative Research
Data about opinions, judgements and attitudes.
Survey
Where businesses find out what their customers think about new or current products and services. (Primary).
Questionnaire
A list of questions to be answered, usually to give information about consumers’ tastes. (Primary).
Focus Groups
A group of people who discuss their views on a product, service, advertisement or idea, either face-to-face or online. (Primary).
Internet Research
Research that has already been collected and is placed on the web for others to use. You need to consider cost and the date conducted. (Secondary).
Market Reports
Businesses such as Mintel who collect information about market trends and sell them on. (Secondary).
