Meeting Customer Needs Flashcards
What is definition of consumers good markets ?
products such as food , cosmetics and magazines are sold
What it definition of markets for services ?
where services such as individual services like hairdressing business services such as auditing are sold or traded
What is housing markets ?
housing markets where people buy , sell and let property
Define commodity markets ?
commodity markets are where raw materials such as oil , copper , wheat and coffee are traded
What is financial markets ?
financial markets are where currencies and financial products are traded
What are the things that are involved in marketing ?
-identifying the needs and wants of consumer
-designing product that meet these needs
-understanding threats posed by competitors
-telling customers about products
-charging right price
-persuading customers to buy products
-making products available in convenient locations
What is a mass market ?
mass market is when a business sells products in largest part of the market where many similar products on offer
What is a niche market?
niche market subset of market where a specific product is focused on
Advantages of Mass market ?
-Brand Awareness
-Economies of scale
-Having more customers
-Customer Experience
-Cost Efficiency
-High sales
Dis Advantages of Mass Market ?
-low profit margins: business usually keep prices low to attract as many people as possible
-High competitive pressure
Advantages of Niche Market ?
-Low competition
-customer loyalty
-increased profits
-Competition
-High ROI
Dis Advantages of Niche Market ?
-limited market size
-scaling challenges
-High market risks
How can we estimate market size ?
-Value : total amount spent by customers buying products.
-Volume : Physical quantity of products that are produced and sold.
What is market share and market share formula ?
-Market share describes proportion of a particular market that is held by a business
-Formula:
Sales of a business/Total sales in market*100
Why might measurement of market share be important ?
It might indicate a business that is a business leader
