Meeting Customer Needs

Flashcards covering key concepts from the 'Meeting Customer Needs' lecture notes.

Market Research

The process of systematically gathering data from consumers to influence business decisions.

Mass Market

A market where products are aimed at broad segments of consumers, often produced on a large scale.

Niche Market

A subset of a larger market aimed at a specific group of consumers with particular interests.

Market Share

The proportion of total sales of a product/service that a business enjoys compared to the entire market.

Brand

A name, image, or logo that distinguishes a product/service from its competitors.

Dynamic Market

A market subject to rapid or continuous changes.

Product Orientation

A marketing approach focusing on the characteristics of a product rather than consumer needs.

Market Orientation

A marketing strategy that prioritizes the needs and preferences of consumers in product development.

Primary Research

The process of gathering information directly from consumers through methods such as surveys and interviews.

Secondary Research

The collection of existing data that has been previously gathered for other purposes.

Market Segmentation

The process of dividing a market into submarkets to target distinct consumer groups.

Competitive Advantage

The attributes that allow a business to outperform its competitors.

Product Differentiation

The attempt by a business to distinguish its products from competitors through unique features or functions.

Adding Value

The difference between the cost of inputs and the price charged to consumers, enhancing product desirability.