Meeting Customer Needs

Flashcards for A Level Business Studies exam

A market is __

Any place where buyers and sellers can meet.

The aim of marketing is __

To help identify, anticipate, and satisfy consumer needs and wants profitably.

Needs are considered __

Essential requirements, such as shelter or food.

Wants are __

Desires which are non-essential, even if consumers consider them to be essential.

Market research is __

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

In mass markets __

Products are aimed at broad market segments.

Market segments are __

Groups of consumers who share similar characteristics.

Mass marketing occurs when __

Businesses sell their products to most of the available market.

In niche markets __

Products are aimed at a subset of the larger market.

Niche marketing occurs when __

Businesses identify and satisfy the demands of a small group of consumers within the wider market.

Sales volume is __

The number of products sold.

Sales revenue = __

Price x quantity sold.

Market share is __

The proportion of the total sales of a product/service compared to the market as a whole.

A brand is __

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

Adding value is the process by which __

Firms increase the price that the consumer is willing to pay.

A dynamic market is __

A market that is subject to rapid or continuous changes.

Online retailing __

Involves selling products via the internet.

Product innovation involves __

The adaptation or improvement of existing products.

Process innovation involves __

The adaptation or improvement of existing processes.

Market growth is __

The measurement of the change in the entire market, expressed as a percentage of the original size.

Competition __

Occurs when at least two businesses are providing goods/services to the same target market.

Indirect competition occurs when __

Firms sell different products but compete with each other for the customers disposable income.

Risk is __

The potential threat to business success.

Uncertainty is when __

Outcomes are difficult to predict.

A product orientation is __

An approach to marketing that focuses on the characteristics of the product rather than the needs of the consumer.

Market orientation is __

An approach to marketing that focuses on the needs of consumers and uses this information to design products that meet customer needs.

Primary research is __

The process of gathering information directly from consumers in the target market using field research methods.

Market research is __

The collection, compilation and analysis of information about a market

Secondary research involves __

The collection, compilation, and analysis of data that already exists.

Market segmentation is __

The process in which a single market is divided into submarkets, or 'segments'.

Market positioning __

Refers to the process a business goes through when launching a new product or service.

Market mapping is __

A tool for identifying the position of a product within a market.

Competitive advantage refers to __

The features of a business and its products that are perceived as superior to its rivals by customers.

Product differentiation is __

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

Adding value is __

The difference between the price that is charged to the customer and the cost of inputs required to create the product or service.