1.1.1 Meeting customer needs

markets

a place where buyers and sellers can meet

whats market size

measured through sales volume which is amount of products sold

brand

A name, image, or logo which helps one product/service stand out from its competitors

whats a dynamic market

These markets go through rapid or continuous change

whats competition

Competition occurs when two or more business are selling goods/service to the same target market

whats product orientation?

A product orientation where a business focuses on the characteristics of the product rather than the needs of the consumer

market research

Market research is the collection and analysis of information about a market

whats primary research?

Primary research is the process of gathering information directly from consumers in the target market using field research methods such as surveys, interviews, etc

whats secondary research?

Secondary research involves the collection, compilation, and analysis of data that already exists

whats market segmentation?

Market segmentation is the process in which a single market is divided into submarkets, or 'segments'

this helps to target specific groups of consumers who share similar needs and wants

whats market positioning?

means deciding exactly what image you are trying to create for your product, relative to its rivals.

whats added value?

is the difference between the cost of bought-in goods and services and the selling price of a product.

how to successfully market map?

✚ choosing the right variables to place on each axis

✚ placing rival brands in the correct places on the map, truly reflecting

consumer perceptions of those brands.

whats product differentation?

Achieved through actual, tangible differences or manipulating consumer perceptions of your

product 

what is demand?

he amount of a good or service which a customer are willing and able to buy at any given price

whats the law of demand?

The lower the price the higher the demand and vice versa 

demand shifts

If the demand curve shifts to the left it means that the demand for the product or service has fallen

if demand curve shifts to the right it means the demand for the product or service has increased

what is supply?

The amount of a good or service provided at a given price by companies within a market

reasons for supply change

• Changes in the cost of production

• Introduction of new technology

• Indirect taxes (VAT)

• Government subsidies and external shocks. 

what is equilibrium?

The price at which the quantity demanded by the customers is equal to the quantity supplied by the business.

what is PED

Responsiveness of demand to a change in price

WHAT IS YED

Responsiveness of demand to a change in households real income