Meeting Customer Needs

Consumer Panels

Groups of customers are asked for feedback about products over a period of time

Database

An organized collection of data stored electonically

Focus Group

A number of customers are invited to attend a discussion about a product run by market researchers

Market Research

The collection, presentation and analysis of information relating to the marketing and consumption of goods and services

primary Research or field Research

The gathering of 'new' information which does not already exist

Qualitative Research

The collection of data about attitudes, beliefs and intentions

Quantitative Research

The collection of data that can be quantified

Quota Sampling

Respondents are selected for interview at random

random sampling

Respondents are selected for interview at random

Respondendts

People or organisations that answer questions in a survey

Sample

A small group of people who must represent a proportion of a total market when carrying out market research

Secondary Research or Desk Research

The collection of data that is already in existence

stratified sampling

A method of quota sampling in which respondents are chosen at random

Target Population

the total number of consumers in a given group

Adding value

Offering extra features when selling a product, such as high-quality customer service, which helps to exceed customer expectations.

competitive advantage

An advantage that enables a business to perform better than its rivals in the market

Market maps or perceptual maps

Typically a two-dimensional diagram that shows two of the attributes or characteristics of a brand and those of rival brands in the market

Market Orientation

An approach to business which places the needs of consumers at the centre of the decision-making process

market positioning

The view consumers have about the quality, value for money and image of a product in relation to those competitors

market segments

parts of a whole market where a particular customer group has similar characteristics

product differentiation

An attempt by a business to distinguish its product from those of competitors

Product Orientation

An approach to business which places the emphasis upon the production process and the product itself

Reposition

Change the view consumers have about a product by altering some of its characteristics

socio-economic groups

Division of people according to social class

unique selling point or proposition

The aspect or feature of a product that clearly distinguishes it from its rivals