Business- CH 4 revision

Question 1

What is the 7 steps to resolving customer complaints?

Answer 1

1) Have a clear complaints resolution process
2) Gather info about the complaint - who was involved?
3) Interview the customer and record details of the problem
4) Ensure one person manages the problem while its being solved - update the customer of any progress
5) Summarise the problem and check is the customers story matches
6) Call the customer and check if the problem is resolved - if the customer is satisfied then the problem is solved
7) If the customer isn’t satisfied the process repeats

Question 2

Market Research

Answer 2

Gathering info about the marketplace, consumers and competition in order to identify the target market and their wants and needs.

Question 3

What are the 4 sources of primary data?

Answer 3

1) Surveys
2) Observation
3) Test marketing
4) Interviews

Question 4

Primary Data

Answer 4

info collected directly from the consumer and usually for market research purposes

Question 5

Secondary Data

Answer 5

Info collected indirectly from another organisation or within the business for market research purposes

Question 6

Target market definition

Answer 6

A particular section of the market with customers at whom the product (good or service) is aimed

Question 7

Mass market

Answer 7

the majority group of potential customers who might wish to purchase a good/service

Question 8

What are the 4 main characteristics of a target market?

Answer 8

1) Geographic - by region, post code, city or other location
2) Demographic - by income, sex, age, ethnic background
3) Behavioural - attitude, use of product
4) Lifestyle - interests, beliefs, opinions

Question 9

Competitor outline

Answer 9

A summary that compares the business with its main competitors

Question 10

What are the 4 Ps of the marketing mix?

Answer 10

1) Price
2) Promotion
3) Place
4) Product

Question 11

What are the 10 elements of product?

Answer 11

1) Features
2) Benefits
3) Packaging
4) Customer Services
5) Delivery
6) Installation
7) Quality
8) Branding
9) Warranty
10) Name

Question 12

Brand

Answer 12

Name, symbol or design used to identify a product or service

Question 13

Branding

Answer 13

Creating a unique identity for a product or service so that customers can identify with it

Question 14

What are the 7 product differentiations

Answer 14

1) Convenience
2) Labelling Information
3) Quality service/ Warranties
4) Better features
5) Environmental Features
6) Value for Money
7) Improved Results

Question 15

Copyright

Answer 15

The exclusive right to use and limit access to an idea or creation

Question 16

Elements of a Brand

Answer 16

Font, Colour scheme, Sound and Graphic

Question 17

Australian Packaging Council Definition

Answer 17

All products of any materials of any nature used for the containment, protection, handling, delivery and presentation of goods from raw materials to processed goods from the producer to the user or the consumer

Question 18

Primary Packaging

Answer 18

Used to hold the product - a bottle to hold a drink

Question 19

Secondary Packaging

Answer 19

Used to place items in - eg a shelf or a box to hold packed chocolates

Question 20

Tertiary Packaging

Answer 20

Used to transport and handling of goods to prevent damage of goods while transporting - not rail road or ship - eg wrapping used to keep multipacks of soft drink together on a palette

Question 21

The 7 Purposes of Packaging

Answer 21

1) Provide information about item
2) Improved product
3) Marketing and branding
4) Dividing items into usable portions
5) Preservation of perishable items
6) Security for expensive items
7) Protection from spoilage

Question 22

Packaging

Answer 22

The wrapping used to protect, deliver and store products

Question 23

Packaging strategies

Answer 23

1)
2)
3)
4)