Topic 1.2 Flashcards
1
Q
Customer needs
A
Things a customer needs from a product in order for it to be deemed valuable or useful
2
Q
Market research
A
Finding out what the customer wants in a product
3
Q
Qualitative
A
Information about judgements, opinions and attitudes
4
Q
Quantitative
A
Data that can be interpreted in a numerical way
5
Q
Primary data
A
Information which isn’t readily available and the business needs to collect itself
6
Q
Secondary data
A
Information which is readily available from within the business and through outside sources
7
Q
Market segmentation
A
Process of dividing an entire market into different customer segments
8
Q
Target marketing
A
Deciding which potential customer segments to target
9
Q
Market share
A
Proportion of sales taken up by 1 business
