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mr smith-meeting customer needs Flashcards

1
Q

=mass markets

A

aimed at large group of buyers
product has wide appeal
useful for variety of people not just segments

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2
Q

what is a market

A

all buyers and sellers that trade particular product e.g. clothes market

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3
Q

niche markets

A

specialised product to meet particular requirements
specific to gorup of buyers

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4
Q

advantages of mass markets

A

-higher sales volume as sell to more consumers
-more likely to benefit economies of scale
-mass market products can be cheaper to produce

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5
Q

disadvantages of mass markets

A

need lot of capital so hard for smaller businesses to start
more competition

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6
Q

advantages of niche markets

A

-less competion then mass markets
-can charge higher premium prices as a more specialised product

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7
Q

disadvanategs of niche markets

A

changes in trends, can quickly make them lose sales
more risky as sell to narrower range of consumers

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8
Q

how is market size different to market share

A

market size-total value of sales or total amount of consumers in market over given time period
market share-proportion of total market that business holds

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9
Q

branding

A

creates logo that customers can instantly recognise
helps consumers to differentiate a business product from competitors
businesses in mass market may focus more on strong branding as have more competition against them then niche markets
niche markets consumers more concerned with product meeting particular requirements rather then the brand

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10
Q

does mass market have higher market share and msarket size to a niche market

A

market share is higher in niche markets
market size higher in mass markets

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11
Q

examples of static markets

A

markets selling bread and fruit, not having to change

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12
Q

dynamic markets

A

markets that change and evolve rapidly

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13
Q

why are reasons a market may change

A

consumer prefernces-fashion chnaging, technology
innovation-new products emerging
can cause incline of some businesses decline of others
way person wants to shop e.g online shopping
competitors leaving or entering a market
legisaltion changes-government introducing tax on sugary drinks many repsonsed by changing their drink to have less sugar

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14
Q

online retailing

A

selling products via the internet e.g. websites or apps

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15
Q

advantages of online retailing

A

-businesses costs are lower due to not having to have a shop or hire as many staff
-lower costs allows to charge lower prices
-customers can order anytime they want, anywhere they want-quicker and easier process
-consumers can easily compare prices and find lowest price

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16
Q

disadvantages of online retailing

A

-customers can compare their prices easier meaning business cant charge as high of price
-business face more comp as can shop around
-some like to see products before purchasing and like to speak to staff
-costs extra for express delivery and takes time to come

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17
Q

direct competition

A

when two or more businesses sell similar products that appeal to same group of customers
e.g sainsburys, tesco

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18
Q

indirect competition

A

when two or more businesses sell products that are different but competing for same customers
e.g indian takeaway, greek

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19
Q

competition affects nature of ownership

A

to get increased market share, might chnage nature of ownership
e.g public chnages to private limited company etc

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20
Q

risk

A

somthing that may go wrong
business can think about profiability of something going wrong and weigh it out
can then make concious decision of whether to take risk or not
the risks are controllable

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21
Q

uncertaininty

A

unexpected events
events that are always possible to happen
hard to predict if could happen asuncontrollable e.g bad weather

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22
Q

product orientated business

A

where a business focuses more on quality and design of product rather then what consumers actually want
e.g new functions in technology that feel consumers would like
these out them on market and hopeconsumers will like them

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23
Q

market orientated business

A

newer/updated version
where business focuses more on consumers wants
e.g making it ethical
may include market research
lower risk stratgey as know consumers will like it

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24
Q

what is market research

A

collection and analysis of market info

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25
why is market research important
tells businesswhat consumers need and want can teach them how consumers behave e.g how they buy there producte e.g online or in shops more how much consumers would be willing to pay for identifying competitors and what they are doing can get insight into PESTLE factors
26
quantitiive market research
market research in form of numbers often used in closed questions or multiplechoice
27
qualatitve data
data in form of opions asked in open questions where person can ellaborate as much as they want
28
adv of quantitive data
quick and easy to analyse
29
adv of qualative date
can eallborate/ no restriction of answers for consumers so can find out more
30
primary market research
first hand research gathers new data sometimes by someone else emplyed to do so used to get info ona brand new product, secondary research wont have that to offer specific for purpose (secondary may be too mainstream to say anything useful)
31
secondary research
used data already avaliable
32
methods of collecting primary data
quesionaries surveys observerations(consumers are watched to get insight on how they behave)
33
what is test marketing
launching product in one country seeing how successful then launching to all other countries
34
exmaples of secondary research
internet sources books magazines
35
adv of secondary market research
much easier to get hold off much quixker to get hold off
36
dis of secodary research
may be out of date helps get initial undertanaing, then may do primary research on things secondary research is missing
37
represnatiave samplr
small sample of people used to try out a new product before launched want it to be of same gender, age then taarget market keeps costs down for bsuiness
38
market research needs to avoid bias
needs to avoid bias quesions e.g you do liek chcolate dont you interviewer can be bias by saying what they want to hear from repsondant respondent can be bias by saying what they think interviewer wwants to hear/ not tell the truth
39
what is social networking
using internet based platforms to make connections with people e.g facebook
40
what is segmentation
dividing a market into groups of buyers-consumers in each segment share simialr characteristics allows business to target market towards specific group of buyers
41
marketing mix
price place promotion product
42
what are the ways of segmenting a market
demopgrpahic e.g similar age or gender income e.g high income at high income consumers =, low charhe at lwo income traget geographical-can be didvided by neighbourhood, city behaviorual-amount of use e.g mobible phone hobbies and interse=tes e.g high protent content for gym
43
market positioning
how a consumer percives product compared to competitiors
44
market map
compares two extermes e.g high quality vs low quality, high price vs low price laid out as matricx, roducts or brands are postioned on it
45
ADV of analsying a market map
reveal gaps in a market for new businesses to then get in shows business closest competion/ who they are then can figure out best marketing strategy to keep them away can show how mcuh customers are expected to pay
46
DIS of market mapping
can simplify it too much also maybe bias/ is based of a matter of opinion rather then facts
47
competitve advantage
condition which allows a bausiness to get more profit then its rivals
48
what are examples that could give a market a competive advantage
lower costs-producing simialr product to other businesses but at lower costs product innovation--be first in amrket to introduce new functions for an existing good or create new unique prodcut advertisitng and marketing product diffrentistipn-creating USP, part of bsuiness that makes it different from competitors good customer service-makes customer more likely to make a purchase and more leiekoy to make repeated purachases if nice throughout whole process covience-anything to make customer get faster and more efficent delivery from when thy purchased e.g next day delivery IAPCC
49
what does adding value mean
increasing diffrence between cost of making the profit and how much consumers pay makes profits also competitive advantage
50
what is the calculation of added value
price product is sold for-cost of making product
51
product
a competive market contains lots of similar products need to assure there is high quality if not may just go to competiors need to make sure product distinctive-innovation, unquie appeal
52
place
eay for products to acces their makret locating in populated area selling online
53
promotion
really try get their product noticed advertising included promotional campaigns celebrity endooresemnt-encourage customers to buy their product
54
price
can use competive pricing-making their prices similar to competiton penetration pricing-brining in low pirce to hten increase slowly
55
what is a franchise
agreement that allows a business to use the idea, name and reputation of an established business
56
what is a risk
always chnace something could go wrong risks are controllable
57
what is a uncertainity
unexpected events-firm knows will happen but how to predict when or if external things business cant control e.g bad weather
58
product oreintation
when making producion and marketing decisons, focus more on design quality and performance rather then what consumers actually want
59
market orientation
focuses more on selling products that match with customer preferences invests lots into makret research to find out what customers want and willing to buy -more modern and succesful approach -low risk as based on customer feedback rather then risking something never been done before
60
market research
collection and analysis of market info includes looking at market as whole, their products and consumers of the market
61
quantitive market research
research which produces numerical statistics often uses multiple choice closed questions with predetermined answers
62
qualatative data
based on opinions of consumers ask open questions answers are not resticted
63
advanatges of quantitive resaerch
much quicker and easier analysis
64
advantages of qaulative research
responses can be more flexible so more informative most effect type is combination of both
65
what is primary research
where business gathers new data or emplos someone else to do it on their behalf
66
what is secondary research
using data that's already available e.g. books
67
what are the different ways to segment a product
Demogrpahic segments e.g age, gender Income e.g aiming at consumers of high income and consumers of a low income Geographical-market divided acooriding to citey, neighbourhood etc Behavioural segment-liestyle
68
market map
compares two features of products or brands e.g. low price v high price high quality vs low quality
69

mock revision business (31 decks)

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