1.1 Meeting Customer Needs

Question 1

What is market orientation ?

Answer 1

When a businesses product / services are based around the needs /wants of the customer .The business responds to them/ meets customer requirements

Question 3

Mass Marketing

Answer 3

Where a business sells into the largest part of the market , where there are many similar products an offer.
Adv:
Large customer base
High Revenues
Barriers to entry -Factors that can prevent or impede newcomers into a market or industry sector
Strong Brand awareness
Brand loyalty
Disadvantages:
High fixed capital costs -machinery,factories
Lots of competition
Harder to add value

Question 4

Niche Market

Answer 4

Where a business targets a smaller segment of a larger market , where customer have a specific need and want
Advantages:
Less competition
React to changes in the market
Charge a higher place

Disadvantages:
Smaller market = less market share

Question 5

Branding

Answer 5

The process of differentiating a product from its competitors through the name , sign, symbol,design or slogan linked to that product.
Benefits :
Increased demand
Increased price
Reduced competition
Protection against downturns(recessions)