Meeting customer needs

Market

All potential customers made up of individuals, businesses, or organizations with specific needs and monetary means to satisfy them.

Market Segmentation

The process of dividing a market into distinct groups that share similar needs and characteristics.

Targeting

The act of selecting one or more segments of the market and developing products that meet their specific needs.

Positioning

How a product or service is differentiated in the minds of consumers, creating a unique image.

Market-Oriented Company

A business that bases its products and operations around customer needs and wants, adapting to market trends and consumer demands.

Marketing Mix (4 P’s)

Framework that includes Product, Price, Place, and Promotion to meet the needs of customers.

Product

A good or service that must be of high quality, reliable, and innovative.

Price

The amount customers are willing to pay, which determines profits and should provide value while covering production costs.

Place

The availability of a product in a location or format that is convenient for customers.

Promotion

The communication strategies a business uses to connect with its target market through advertising, PR, and other means.

Customer Satisfaction

Achieved by meeting or exceeding customer expectations, leading to repeat purchases and loyalty.

Market Research

The process of collecting, analyzing, and interpreting data about consumers, competitors, and the marketplace.

Primary Research

Collection of new data through methods such as surveys and interviews.

Secondary Research

Analysis of existing data collected by others.

Qualitative Methods

Research methods that provide insight into attitudes, feelings, and behaviors.

Quantitative Methods

Research methods that provide numerical data for statistical analysis.

Sampling

The process of selecting a segment of the population for research to ensure reliable results.

Market Positioning

The perception of a product or service in the minds of consumers compared to its competitors.

Unique Selling Proposition (USP)

The factors that make a product distinct from its competitors.

Perceptual Mapping

A diagrammatic technique used to visually display consumers' perceptions of a brand compared to its competitors.