Topic 1.2 Flashcards
Choice(customer needs)
giving customers options and increasing
the chance that the product will be perfect for
the habits of one type of customer.
Convenience(customer needs)
making life easier for customers e.g. a product that saves time in preparation or
consumption.
Quality(customer needs)
to a customer quality means getting
what they want, or perhaps better than
expected
Focus group
a group discussion among people
selected from the target market;
Primary research
research conducted first-hand and it is tailored to a company’s specific needs
Qualitative data
in-depth research into the opinions and views
Quantitative data
Statistical data
Secondary research
when a company uses research that has already been carried e.g. internet
Demographics
the study of the statistical
differences that exist within a population, both
now and in the future.
Lifestyle
grouping people by common
characteristics in how they live
Location
The place at which your customers are
Income
Amount of income your customers earn
Market map
measuring where existing brands sit on a two-factor grid - identify competitors - identify gap in the market.
Competitive environment
competition between companies in the same
market
Price (customer need)
price needs to be suitable and affordable for the target market
Adv of primary research
- up to date
- accurate
- tailored to the business
- competitors don’t have access
DisAdv of primary research
- expensive
- time-consuming
Adv of secondary research
- quick
- Less expensive than primary
- Accessible to all
- Less time consuming
DisAdv of secondary research
- information may be out of date and inaccurate. - The information may not be useful to another company as it is for another purpose.
Market segments
the subsets within a market (DIALL)
Gap in the market
an area on a market map where there are no businesses - gap in the market does not mean there is a demand.
