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mock revision business > mr smith-meeting customer needs > Flashcards

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
Q

why is market research important

A

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

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26
Q

quantitiive market research

A

market research in form of numbers
often used in closed questions or multiplechoice

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27
Q

qualatitve data

A

data in form of opions
asked in open questions where person can ellaborate as much as they want

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28
Q

adv of quantitive data

A

quick and easy to analyse

29
Q

adv of qualative date

A

can eallborate/ no restriction of answers for consumers so can find out more

30
Q

primary market research

A

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
Q

secondary research

A

used data already avaliable

32
Q

methods of collecting primary data

A

quesionaries
surveys
observerations(consumers are watched to get insight on how they behave)

33
Q

what is test marketing

A

launching product in one country seeing how successful then launching to all other countries

34
Q

exmaples of secondary research

A

internet sources
books
magazines

35
Q

adv of secondary market research

A

much easier to get hold off
much quixker to get hold off

36
Q

dis of secodary research

A

may be out of date
helps get initial undertanaing, then may do primary research on things secondary research is missing

37
Q

represnatiave samplr

A

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
Q

market research needs to avoid bias

A

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
Q

what is social networking

A

using internet based platforms to make connections with people e.g facebook

40
Q

what is segmentation

A

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
Q

marketing mix

A

price
place
promotion
product

42
Q

what are the ways of segmenting a market

A

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
Q

market positioning

A

how a consumer percives product compared to competitiors

44
Q

market map

A

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
Q

ADV of analsying a market map

A

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
Q

DIS of market mapping

A

can simplify it too much
also maybe bias/ is based of a matter of opinion rather then facts

47
Q

competitve advantage

A

condition which allows a bausiness to get more profit then its rivals

48
Q

what are examples that could give a market a competive advantage

A

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
Q

what does adding value mean

A

increasing diffrence between cost of making the profit and how much consumers pay
makes profits
also competitive advantage

50
Q

what is the calculation of added value

A

price product is sold for-cost of making product

51
Q

product

A

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
Q

place

A

eay for products to acces their makret
locating in populated area
selling online

53
Q

promotion

A

really try get their product noticed
advertising included
promotional campaigns
celebrity endooresemnt-encourage customers to buy their product

54
Q

price

A

can use competive pricing-making their prices similar to competiton
penetration pricing-brining in low pirce to hten increase slowly

55
Q

what is a franchise

A

agreement that allows a business to use the idea, name and reputation of an established business

56
Q

what is a risk

A

always chnace something could go wrong
risks are controllable

57
Q

what is a uncertainity

A

unexpected events-firm knows will happen but how to predict when or if
external things business cant control e.g bad weather

58
Q

product oreintation

A

when making producion and marketing decisons, focus more on design quality and performance
rather then what consumers actually want

59
Q

market orientation

A

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
Q

market research

A

collection and analysis of market info
includes looking at market as whole, their products and consumers of the market

61
Q

quantitive market research

A

research which produces numerical statistics
often uses multiple choice
closed questions with predetermined answers

62
Q

qualatative data

A

based on opinions of consumers
ask open questions
answers are not resticted

63
Q

advanatges of quantitive resaerch

A

much quicker and easier analysis

64
Q

advantages of qaulative research

A

responses can be more flexible so more informative
most effect type is combination of both

65
Q

what is primary research

A

where business gathers new data or emplos someone else to do it on their behalf

66
Q

what is secondary research

A

using data that’s already available e.g. books

67
Q

what are the different ways to segment a product

A

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
Q

market map

A

compares two features of products or brands
e.g. low price v high price
high quality vs low quality

69
Q
A

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