Flashcards
Business - Unit 3
Cards in this deck (19)
- 1What is marketing?Identifying, satisfying and revisiting customer needs. (Such as researching the product before deciding on marketing mix)
- 2How can a business anticipate customer needs?-Being polite
- Working out customer needs
- Making sure customers enjoy the experience
- Making a good first impression - 3Why do businesses need to understand customer needs?- So they know what customers want
- Know why customers would rather buy off a rival
E.g. Amazon tracks what you buy and suggests similar items of products when you log on. - 4How can a business satisfy customer needs?- Make sure product is reliable/efficient
- Product meets customer needs
*This helps business be profitable - 5What is 'market research'?The collection and analysis of data and information to inform a business about its market. Can be qualitative or quantitative.
- 6What is qualitative data?Gathering of non-statistical information that gives a company in-depth insight into the reasons for human behaviour (focus groups, observations, interviews)
- 7What is quantitative research?Gathering of statistical data to inform the company about people's behaviour but doesn't identify reasons.
(Surveys, observations, questionnaires) - 8What is primary research?Involves the collection of first hand data that didn't exist before. Original data.
- 9What is secondary research?Research that's been undertaken by another organisation already.
- 10What is product trial?Involves getting people to buy a product/service for the first time.
- 11What is repeat purchase?Customers come back after their first purchase to buy the product again and again.
- 12What is price matching?Brand X costs the same as brand Y - people won't switch brands to save money.
- 13What is product development?Keeping customers informed of updates to a product - they'd want to upgrade to an improved version (softwares)
- 14What is market-driven?Firms use market research to find out what people want, then make it - product is useful (MP3 player w/built-in radio)
- 15What is product-driven?Firms design/invent a new product and try to sell it. - Product that nobody really wants is made (MP3 w/built-in toaster)
Market-driven firms do better. - 16Advantages of having a good brand image to customers?- Easily recognized/liked by customers
- Built up over many years for positive brand image
- Increases sales - product trials/repeat purchases. It's chosen over rivals
- HQ products - customers won't be loyal if product isn't good quality and bad brand image. - 17What is product differentiation?Making products distinctive in the market. These differences can make customers buy a certain product rather than rivals.
- 18How can product differentiation be achieved?- Reliability
- Good brand image
- High quality products
- Product fit for purpose
- Unique features
- Good design, low price
- Attractive packaging - 19What would happen if a business didn't do product differentiation?* Customers think that the product is identical to rivals so there's no reason to buy theirs over others
* Only reason that might attract customers = cheaper product but that means less profit.
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- GCSE Computer Science Flashcards on Business - Unit 3, created by Katzz on 29/10/2014.
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- Katzz
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