Meeting Customer Needs

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The Market, Market Research and Market Positioning
Tom Dolphin
Flashcards by Tom Dolphin, updated more than 1 year ago
Tom Dolphin
Created by Tom Dolphin over 7 years ago
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Question Answer
Dynamic Marketing Market 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
The Difference Between Risk And Uncertainty Risk 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
Product And Market Orientation A 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
Quantitative Research Quantitative research is a formal, objective, systematic process in which numerical data are used to obtain information about the world
Qualitative Research Qualitative Research is primarily exploratory research. It is used to gain an understanding of underlying reasons, opinions, and motivations
Limitations of Market Research It only offers possible suggestions/solutions to marketing problems. It actually acts as a tool that facilitates decision-making process
Market Segmentation Market segmentation is the process of dividing a broad consumer or business market, into sub-groups of consumers based on some type of shared characteristics
Market Mapping A market map is a diagram that identifies all the products in the market using two key features, quality and price
Product Differentiation Product differentiation is the process of distinguishing a product or service from others, to make it more attractive to a particular target market
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