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what are customer needs?
being aware of what customers need and fulfilling their requirements
what are four customer needs?
price, quality, choice and convenience
What are 4 market research methods (excluding quantitive and qualitative methods)
Social media, method and technique, reliable data, setting objectives
what is the different between quantitative and qualitative data?
quantitive is number-based, qualitative is opinions
why is quality a customer need?
they will expect and require certain quality
why is price a customer need?
customers expect a reasonable price for what they’re receiving
what is competition and choice when deciding customer needs?
most customers want a range of options to be had, including more personalised options
what factors affect a product’s convenience?
digital presence, opening hours and location
what has the shift in customer needs been?
companies have been forced to make more personalised products as there is too much competition
what will a new entrepreneur do when finding out customer needs?
market research
once will an entrepreneur do once they conduct market research?
design a good or service which meets customer needs and decide a price
what is the main benefit of doing market research before launching a business?
it increases a business’ survival rate
what are fundamental issues that can be understood through market research?
size, speed, history, segment and customer archetype of a market
what is the aim of market research?
to gather information
what are areas market research can be used for?
target market, promotion, demand and gaps
what is a limitation of market research?
no data is entirely accurate
what is primary and secondary data?
primary is first-hand collected business, secondary is data which already exist
what are other names for primary and secondary data?
field and desk research
what is amain disadvantage of primary research?
it’s often time-consuming and expensive
what are 4 types of primary research?
observation, surveys and questionnaires, interviews and focus groups
what are five secondary research methods?
government information, competitor websites, customer reviews, trade associations, newspapers and reports
what is an advantage of secondary research?
it costs less and is quicker and easier to obtain
what are some disadvantages of secondary research?
broad purpose, invalid, biased, easily accesible
what is the aim of qualitative research?
to understand why customers behave or respond to a product
what are common ways qualitative data is collected?
focus groups and interviews
what questions does quantitive data handle?
who, when, where, how often and how many
what is the main way data is expressed?
numerical form/statistical
what are advantages of social media for market research?
quick, statistics, gaining information, promotional use
what are disadvantages of social media for market research?
invalid opinions, negativity, staff training, time-consuming
what are three reasons data may be unreliable?
bias, out of date, inaccurate
what is market segmentation?
splitting the potential customers into certain groups to concentrate certain products
what are benefits of market segmentation?
meeting customer needs, better growth, effective promotion, higher market share
what are demographic segmentation factors?
age, gender, income, location, lifestyle, social class
what are limits of segmentation?
lack of info, difficult to predict consumer behaviour, hard to reach
what is market mapping?
positioning products to decide which factors they focus on
what are two common examples of market map labels?
Expensive v Cheap, High quality v Low quality
why might a market map be used?
to identify gaps in the market
what is one ting to consider when finding gaps in the market through market maps?
there may be a reason why there is a gap in the market, and the demand may be low
what does a business have if it has low competition?
considerable market power
what is a market?
a place where similar goods and services are bought or sold
what is a solution to having direct product competition?
changing the a product’s design, quality or price
what is a solution to having direct price competition?
lowering the price
what is a risk with lowering prices to avoid competition?
you may enter a price war
what is indirect competition?
competition where consumers buy products with similar characteristics but not the same type of product
what can a business do if it has no competition?
make higher prices
what is a drawback from a business with no competition?
it may lack quality and creativity
