Business 1.2 - Sheet1 Flashcards
Choice
Giving customers options and increasing the chance that the product will be perfect for the tastes/habits of one type of customer.
Convenience
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.
Identifying customers
Finding out who they are: their age, gender, incomes, where they live and what they want.
Quality
To a customer quality means getting what they want, or perhaps better than expected; some companies use the term ‘customer delight’.
Understanding customers
Learning why customers do what they do, making it easier to see how to make a product that better suits them.
Focus group
A group discussion among people selected from the target market; it draws on psychology to provide qualitative insights into consumer attitudes.
Primary research
Research conducted first-hand; it is tailored to a company’s specific needs.
Qualitative data
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.
Quantitative data
Factual research among a large enough sample of people to provide statistically reliable results.
Secondary research
When a company uses research that has already been carried out for general purposes.
Demographics
The study of the statistical differences that exist within a population, both now and in the future.
Lifestyle
Grouping people by common characteristics in how they live.
Location
The extent to which consumers identify with the place where they were born or grew up.
Market segments
The subsets within a market that have been identified as a result of market segmentation.
Competition
Companies operating in your market or market sector.
