Studied by 0 people
Looks like no one added any tags here yet for you.
What are the customer needs?
Price
Quality
Convenience
Choice
Why is price important to customers?
Customers seek products or services at a cost they perceive as fair or valuable
Price is often a key factor in purchasing decisions
Why is quality important to customers?
Customers expect products or services to meet a certain standard of excellence or reliability.
Quality can influence customer satisfaction and loyalty
Why is choice important to customers?
Customers appreciate having options to select from. Variety allows customers to find products or services that best suit their specific needs.
Why is convenience important to customers?
Customers value ease of access and use in products or services. This includes factors like location, availability and user-friendliness.
What is identifying and understanding customers important for?
Generating sales
Business survival
Why is identifying customer needs important for generating sales?
Understanding customer needs helps businesses tailor their offerings to meet demands.
This alignment between products/services and customer needs can drive sales and revenue
Why is identifying customer needs important for business survival?
Knowing customer needs is crucial for long-term business viability.
It allows companies to adapt to changing market conditions and customer preferences
Businesses that fail to understand their customers, risk losing market share or becoming obsolete
What’s primary research?
This involves collecting firsthand data directly from sources through methods such as
Surveys
Questionnaires
Focus groups
Observation
How do surveys gather primary research?
Structured questions to gather quantitative and qualitative data.
How do questionnaires gather primary research?
Written tools for specific information on preferences and behaviour.
How do focus groups gather primary research?
Discussions with small groups to gain qualitative insights.
How do observations gather primary research?
Watching customer behaviour in natural setting
What’s secondary research?
This involves analysing existing data from various sources including:
The Internet
Market Reports
Government Reports
How does the internet gather secondary research?
Online resources and articles for market trends
How do market reports gather secondary research?
Publishes analysis by research firms on specific industries
How do government reports gather secondary research?
Official statistics and studies providing valuable economic and demographic data.
What’s the purposes of doing market research?
To identify and understand customer needs
To identify gaps in the market
To reduce risk
To inform business decisions
Why do businesses want to identify and understand customer needs?
It helps businesses gather insights into customer preferences and behaviours, allowing for tailored products or services.
Why do businesses want to identify gaps in the market?
It uncovers unmet needs or undeserved segments, creating opportunities for new offerings.
Why do businesses want to reduce risk?
By analysing data and trends, market research mitigates risks associated with new product launches or market entries.
Why do businesses want to inform business decisions?
It provides valuable insights that guide strategic planning and decision-making across various aspects of the business?
What’s qualitative data?
Qualitative data focuses on opinions and behaviour.
What’s quantitative data?
Quantitative data involves numerical data that answers specific questions.
What is the role of social media in collecting market research data?
Provides real-time consumer insights and trends
Offers a platform for direct customer engagement
Allows for monitoring of brands mentions and sentiment
Enables analysis of consumer behaviour and preferences at scale
What’s the importance of the reliability of market research data?
Ensures business decisions are based on accurate information
Helps avoid costly mistakes due to faulty data
Increases confidence in strategic planning and decision-making
Enhances the creditability of research findings for stakeholders
How do businesses use target segmentation to target customers?
Identifying market segments : location, demographics, lifestyle, income and age
Market mapping to identify a gap in the market and the competition
How can businesses use location to target customers?
Tailoring products and services to local preferences. Geographic segmentation based off of regions, cities or countries.
How can businesses use demographics to target customers?
Factors like gender, education level, occupation allows for targeted marketing based on specific group characteristics.
How can businesses use lifestyle to target customers?
Psychological segmentation based on interests, values and attitudes.
How can businesses use income to target customers?
Segmentation based off of economical status. Enables pricing strategies and product offerings suited to different income levels.
How can businesses use age to target customers?
Generational segmentation. Helps tailor products and marketing to age specific needs and preferences.
What is market mapping and how does market mapping identify gaps in the market and the competition?
Market mapping identifies gaps in the market by visualising product positioning
It analyses competition to spot underserved areas.
What do businesses consider about price when analysing competitors?
Competitive pricing strategies
Ability to offer discounts
What do businesses consider about quality when analysing competitors?
Product durability and reliability
Perceived value for money
What do businesses consider about location when analysing competitors?
Accessibility to target markets
Distribution chancels and reach
What do businesses consider about choice when analysing competitors?
Variety of offerings
Ability to meet diverse customer needs
What do businesses consider about customer service when analysing competitors?
Responsiveness to customer inquires
After-sale support and policies
How can competition affect pricing strategies?
May lead to price adjustments to remain competitive
Could influence decisions on discounts or promotions
How can competition affect product development?
Drives innovation to differentiate from competitors
May lead to expansion or modification of products
How can competition affect marketing efforts?
Shapes marketing messages to highlight unique selling point
Influences choice of marketing tactics
How can competition affect operational efficiency?
Encourages cost-cutting measures to maintain profitability
May lead to process improvements to enhance competitiveness
How can competition affect strategic planning?
Influences long-term business strategies and goals
May lead to decisions on marketing positions or expansion
