Meeting Customer needs 1.1

A place where buyers and sellers meet to exchange goods and services.

Market

The amount of total sales a firm has in comparison to the total sales in a market

Market share

To identify, anticipate and satisfy customer needs in return for profit

What is the aim of Marketing.

A market where products are aimed at broad market segments

Mass Market

A name, image or logo witch helps a product stand out from competitors

Brand

Sales of a business/total sales in a market x 100

State the Formula of Calculating Market share.

A market where products are aimed at a subset of customers within a larger market

Niche Market

one of the key ways businesses achieve Product or business differentiation.

What is the purpose of Branding

A market that is subject to Rapid or continuous change

Dynamic Market

The process of gathering first - hand information directly from customers in the target market

Primary Research

the process by which a Market is divided into sub groups based on customers charachteristics

Market segmentation

An approach to marketing that focuses on the characteristics of a product rather than the needs and wants of customers

Product Orientation

The process of gathering and analysing information that already exists

Secondary research

Allows firms to precisely target different groups of customers within the market.

What is the Purpose of Market segmentation

is an approach to marketing that focuses on the needs and wants of customers and uses this information to design and produce a product in order to meet those needs.

Market Orientation

The process of providing free samples to customers in order to obeserve how they react

Test Marketing

The decisions that businesses make when launching a new product such as Price, branding, quality and customer perception,

Market Positioning.

A 2 dimensional diagram that shows the attributes or characteristics of a product compared to those of rivals

Market Map

Where a product is so common in a market that most customers have already purchased the product

Market saturation

Features of a business and its products that customers of rival companies see as better

Competitive advantage

An attempt to differentiate a businesses Products from Competitors

Product differntiation

Quality, design, Ethical stance, Low prices

Examples of Compeitive advanatge

The price a business charged - The cost to create the product

Added value

Researchers may guide respondents to give a certain answer

How can researcher bias effect survey findings

A non numerical type of Market research used to understand Customer behaviour

Qualitative Market research

The value lost from choosing one option over another when conducting business operations

Opportunity cost

when a firm aims to achieve the most affordable pricing amongst competitors within the market by lowering production and operational costs.

Cost Competitiveness

The extra amount of total sales a market has in comparison to previous years

Market Growth

They guide businesses towards investment decisions and competitive strategies, helping businesses effectively position themselves within a market

Positives of Market size and market share

A numerical type of market research witch aims to understand consumer behaviour through Sales figures or market trends

Quantitate Market research

Interviews, Focus groups, observations

Method of Qualitative Market research

Experiments, Data analysis, Surveys

Methods of Quantitive data

The process of using mathamtical techniques to gather meaningful info from data. such as mean, mode, range, standard deviation

Analysing Quanative data

1. Find the mean of the data set

2. Subtract all the numbers in the data set by the mean

3. Square all the numbers

4. Find the mean of the new squared numbers

Steps for standard deviation

The process of identifying and analysing non - numerical data such as Thematic Analysis and Content Analysis

Analysing Qualative data

The process of identifying common themes within a data set and then later categorising this information

Thematic Analysis

Counting how many times certain words ,phrases ,ideas show up in a data set

Content Analysis

Unbiased and verifiable and Cost effective in comparison to Qualitative Market Comparability gives businesses the ability to compare previous data

Strengths of Quantitive Data

Limited depth of understanding and Oversimplifies important business issues. Due to the information being numerical and not considering customer needs

Limitations of Quantitive Data

Gives depth and context towards understanding customer behaviour. Flexibility, Businesses are able to spontaneously change there questions

Strengths of Qualitative Data

Time consuming due to the information being non numerical and subject to researcher bias

Limitations of Qualitative Market research

3 main types of Competitive advantage

Focus Strategy, Cost leadership, Differentiation