Flashcards
Theme 1 Topic 1 - Meeting customer needs
Flashcards do conjunto (29)
- 11.1.1 What is the market?A place where buyers and sellers can exchange goods and services for money.
- 21.1.1 What is Competition?The rivalry among sellers to gain the most sales/market share.
- 31.1.1 What is market segmentation?Splits the market based on peoples characteristics so businesses can target the right customers easier.
- 41.1.1 What is a Mass market?One with a general product which is sold to many people in the same way.
- 51.1.1 What is a Niche market?One with a specific product which is sold to a small segment of a market.
- 61.1.1 What is a Dynamic market?a dynamic market is one that is subject to rapid and/or continuous changes
- 71.1.1 What two things can affect a dynamic market?Innovation
Competition - 81.1.1 Name an example of a product in a each of the following: Mass, Niche and Dynamic marketMass: anything popular (like Cadburys)
NIche: Less Popular/expensive (like Ferrari)
Dynamic: anything rapidly changing/fashionable (Mobile Phones) - 91.1.1 What is online retailing?Stores that sell online using a website and/or an app.
- 101.1.1 What are the four benefits of building a brand?Loyalty
Extension
Value
Personality - 111.1.2 What is market orientation?When a business focuses on selling products that match customer preferences.
- 121.1.2 What is product orientation?The design, quality and performance of the product is the most important factor.
- 131.1.2 What is market research?THe process of gathering primary and secondary data about customer information.
- 141.1.2 What's the difference between Primary and secondary research?Primary (Field) is where the business gathers new data from themselves.
Secondary (Desk) is where the business uses old data already available. - 151.1.2 What are some examples of primary market research?Focus Group
Observations
Interview
Test Marketing - 161.1.2 What are some examples of secondary market research?Market Reports
Trade Publications
Government Data
Specialist Publications - 171.1.2 What is the difference between Quantitative and Qualitative data?Quantitative = can be turned into statistics but limited in detail, gathered usually via closed questions
Qualitative = more personal/insightful and harder to visualise, usually gathered via open ended questions. - 181.1.2 what is a market segmentation?An identifiable group of individuals (or part of a market) where consumers share one (or more) characteristic or want/need.
- 191.1.2 What ways can a business segment a market?Age
Gender
Income
Life-Stage
Family Size
Race
Religion
Occupation
Geographic location
Urban Vs. Rural
Socio-economic Group
Lifestyle Choices - 201.1.2 What 3 ways can ICT be used in market research?Building a website and analysing customer data generated from it.
Post on social media and analyse demographics of its followers.
Build a database of what customers buy through services like loyalty cards. - 211.1.3 What is market positioning?How consumers perceive a brand or product compared to competitor brands/products.
- 221.1.3 What is market mapping?Compares two features of products or brands that are important to customers and set out as a matrix.
- 231.1.3 What are commonly used as dimensions on a market mapping matrix?Price, quality, complexity, healthiness, etc...
- 241.1.3 What are the purposes/value of market mapping?Helps businesses to identify a gap in the market.
Is a useful process for comparing similarities and differences between businesses.
Helps a business gain a better understanding of its competition.
Useful as a market research tool to gain an understanding of customer perceptions - 251.1.3 What is added value?Added value is the difference between the selling price of a product and the cost of the materials involved in making/providing it.
- 261.1.3 What are the three stages of the adding value process?Input
Output
Transformation - 271.1.3 What are the three main methods of adding value?Distribution
Production
Marketing - 281.1.3 What is a competitive advantage?A way that allows a firm to generate more sales or be more profitable than its rivals. To achieve this a firm needs to do something different than its competitors.
- 291.1.3 What are ways of gaining a competitive advantage?Lower costs
Product innovation
Product differentiation
Advertising and marketing
Reliability and quality
Good customer service
Convenience
Informações
- Descrição
- A level Business Studies (Theme 1) FlashCards sobre Theme 1 Topic 1 - Meeting customer needs, criado por Christian Griffin em 12-11-2020.
- Criado por
- Christian Griffin
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