Flashcards
Meeting Customer Needs
Cards in this deck (9)
- 1Dynamic MarketingMarket dynamics describes the dynamic, or changing, price signals that result from the continual changes in both supply and demand of any particular product or group of products
- 2The Difference Between Risk And UncertaintyRisk is defined as unknowns that have measurable probabilities, while uncertainty involves unknowns with no measurable probability of outcome. These concepts are related, but not the same
- 3Product And Market OrientationA market orientated company is one that organizes its activities, products and services around the wants and needs of its customers. By contrast, a product-orientated firm has its primary focus on its product and on the skills, knowledge and systems that support that product
- 4Quantitative ResearchQuantitative research is a formal, objective, systematic process in which numerical data are used to obtain information about the world
- 5Qualitative ResearchQualitative Research is primarily exploratory research. It is used to gain an understanding of underlying reasons, opinions, and motivations
- 6Limitations of Market ResearchIt only offers possible suggestions/solutions to marketing problems. It actually acts as a tool that facilitates decision-making process
- 7Market SegmentationMarket segmentation is the process of dividing a broad consumer or business market, into sub-groups of consumers based on some type of shared characteristics
- 8Market MappingA market map is a diagram that identifies all the products in the market using two key features, quality and price
- 9Product DifferentiationProduct differentiation is the process of distinguishing a product or service from others, to make it more attractive to a particular target market
Information
- Description
- The Market, Market Research and Market Positioning
- Created by
- Tom Dolphin
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