Customer needs and Market Research Flashcards
4 choice for customer need
Price,Choice,convenience,quality,
List one reason why a business might want to sell a wide range of products.
A business would sell a wide range of products to give the customers more choice. This will mean customers will be more likely to get the product that they need which will increase sales.
Example of Convenience
A business offering customers next-day delivery on all items.
What are some personal circumstances with customers?
Family Needs
Financial needs- people with different income will choose to buy products at different prices.
Personal tastes and preferences- All customers have personal preferences based on style, colour, function and personal taste.
Emotional needs- Some customers may have strong emotional connections to certain brands and products.
Purposes of market research
Identify and understand customer needs.
Identify gaps in the market and opportunities.
Identify and understand competitors.
Understanding how well the business is doing, such as customers opinions of its products.
Inform business decisions and reduce the risk. associated with making business decisions.
Understands trends in the market, such as market growth.
What is Primary research?
Primary research is collecting information that did not exist before.
Name some primary researches
Surveys Focus groups Observations Social media Questionnaires Experiments
What is secondary research?
Secondary research is the process of gathering information that already exists.
Example of secondary data
Sales Data Internet sites Local newspapers Telephone Directories Market Reports Government Reports
What is Qualitative Data Business?
It is information about peoples opinion, judgement and attitudes.
What is Quantitative Data Business?
It is data that can be expressed as numbers and statistically analysed.
Bias Definition
Bias is a belief that affects the ability to make a decision based on facts and evidence.
