Customer Flashcards
What is a market-led business?
businesses that develop products based on customer wants
what level of market research (high/low) do market-led businesses use
high
what type of market do market-led businesses operate in
often highly competitive markets
what are product-led businesses
businesses that produce products they believe customers will want and try to convince them to buy them
what level of market research(high/low) do product-led businesses use
low- market research not seen as important
what level (high/low) of product research & development do product-led businesses use
high levels
what is consumer behaviour
the thoughts consumers have and the actions they take when purchasing products
what is impulse buying
where customer doesn’t plan to buy item but has been inspired to purchase it for some reason (item on offer)
what is limited decision making
where the consumer researches the product before buying it
what is routine purchasing
where products are purchased without any thought - item usually bought on regular occasion
what is extensive decision making
where the consumer spends a lot of time researching & thinking about buying item before purchasing it - doesn’t happen very often. (buying a house)
