Economics theme 2.1.5 Flashcards
what is a usp
A unique selling point is creating a feature or characteristic within a brand which makes it stand out
E.g Logo/ brand name (superdry)
Different ingredients e,g sugar free werther’s
Product feature e.g fords heated front windows
what is advertising
creating awareness of and desire for a brand by communicating a clear brand message
use of humour e.g compare the meerkat
lifestyle/inspiration e.g its not just food, its m&s food
persuasive language e. ba is the safest airline
why is product differentiation importaint
product differentiation is importaint to buisnesses in order to gain competitive advantage.
this allows firms to compete with bigger firms
Usually target a niche and try gain brand loyalty
how do firms satisfy customer needs
Buisnesses can tap into trends by looking into past trends to forcast the future
Changes in fashion peoples tastes change often due to marketing
Why is it importaint for a firm to have good customer service
It distinguishes the product from the competition
Obtains repeat custom
Gives them a good reputation
What are the main three areas of customer service
Accuracy and reliability
Product information
After sales service
Why is accuracy and reliability importaint
customers want them the product to meet their requirements every time
consistent quality will give them customer loyalty and repeated custom
delivery should also be on time
Why is product information importaint
To gain full benefit the customers need to know exactly how it works
expert knowledge of how it works will ensure a sale
Good customer service based on the product can make the difference of a sale
What is niche marketing
niche marketing is when a firm targets a small sub section or previously unexploited gap in the large market
firms target niche markets so they can charge premium price
