1.1-Meeting customer needs Flashcards
(20 cards)
Market
A place where buyers and sellers meet to exchange goods and services. There will normally be an exchange of money at a set price.
Mass Market
A market with a large number of customers, which is not segmented into groups based on customer needs or preferences
Niche Market
A smaller segment of a larger market, with products tailored to specific customer needs.
Market share
The proportion of the total market sales that are controlled by a company/firm.
Market size
The total value or volume of sales in a market over a period of time.
Brand
A unique design, symbol, logo, or name that distinguishes a product from competitors.
Brand extension
When a business uses an existing brand’s name in order to launch a new product range in the market.
Brand value
Refers to the financial worth of the brand.
Brand personality
The set of characteristics associated with a brand in order to connect emotionally with it’s customers.
Added value
The difference between the selling price and cost of inputs.
Innovation
The process of creating and introducing new products, services, or processes that add value or improve upon existing offerings.
Dynamic market
Is one that constantly changes due to trends, consumer behaviour and technological advancements ect.
Competition
Is where rival businesses in the same market try to win customers from each other.
Price
The value at which a product or service is offered to customers.
Risk
The potential for loss or failure in business decisions due to uncertainties in the market or environment.
Uncertainty
Is being unsure of the factors influencing sales and therefore being unable to predict what will happen to the business in terms of its profits or growth.
Primary research
The process of collecting new data directly from sources, such as surveys or interviews.
Secondary research
The use of existing data collected for other purposes, such as reports or studies.
Quantitative Research
Research that focuses on gathering numerical data that can be quantified and analyzed statistically.
Qualitative Research
Research that gathers non-numerical data, focusing on understanding opinions, motivations, and experiences.
