Key Terms 1.1- Meeting customer needs

Question 1

Definition of brand

Answer 1

A unique design, symbol, words of a combination of these employed in creating an image that identifies a product and differentiates it from its competitors

Question 2

Definition of E-Commerce

Answer 2

Buying directly or buying through affiliate or agents- any transactions either buying or selling online

Question 3

Definition of online retailing/etailing

Answer 3

Buying or selling online

Question 4

Definition of market

Answer 4

Market is the volume of sales of a product or the value of sales of a product

Question 5

Definition of marketing

Answer 5

Allows businesses to offer products & services that meet these needs profitably

Question 6

Definition of market share

Answer 6

Percentage proportion of the total sales of a product or service achieved by a business or a specific brand or product

Question 7

Definition of mass market

Answer 7

Un-segmented market in which products with mass appeal products are offered to every customer

Question 8

Definition of niche market

Answer 8

Segmented market in which products that are created with a specific need in mind are offered to targeted customers in specific segments

Question 9

Definition of market segment

Answer 9

An identifiable group of individuals, families, businesses or organisations sharing one or more characteristics or needs

Question 10

Definition of primary research

Answer 10

Experiments, investigations or tests carried out to acquire data first hand rather than being gathered from published sources

Question 11

Definition of secondary research

Answer 11

Research based on data that has been collected by an external source

Question 12

Definition of quantitative research

Answer 12

Data that can be quantified and verified &a is amenable to statistical manipulation

Quantitative data defines

Question 13

Definition of qualitative research

Answer 13

Data that approximates or characterises but doesn’t measure the attributes, characteristics, properties

Qualitative describes

Question 14

Definition of sample

Answer 14

Entities or observations randomly selected to represent the behaviour & characteristics of the entire group they are associated with or from which they are drawn

Question 15

Definition of focus groups

Answer 15

Small number of people brought together with a moderator to focus on a specific product or topic

Produce qualitative data

Question 16

Definition of market orientation

Answer 16

Business approach or philosophy that focuses on identifying and meeting the states it hidden needs or wants of customers

Question 17

Definition of product orientation

Answer 17

Business approach or philosophy on which whatever a company makes or supplies is the focus of the managements attention

Question 18

Definition of added value

Answer 18

Business provide extra features for customers that goes beyond their standard expectations and allows them to charge more

Question 19

Definition of competitive advantage

Answer 19

Superiority gained by an organisation when it can provide the same value as it’s competitors but at a lower price or can change higher prices by providing greater value through differentiation

Question 20

Definition of perceptual mapping

Answer 20

2D diagram that shows 2 of the attributes or characteristics of a brand and those of rivals in the market

Question 21

Definition of market positioning

Answer 21

Influence consumer perception of a brand or product relative to the Perception of competing brands or products

Question 22

Definition of product differentiation

Answer 22

A product quality that sets the product/service differently from other products in the market

Question 23

Definition of unique selling point

Answer 23

Real or perceived benefit of a product that differentiates it from the competing bands