1.1 Meeting Customer's Needs

Question 1

Niche market

Answer 1

Specialist product targeted to specialist customer

Question 2

Mass Market

Answer 2

Target a large popuation of the market with a generic product

Question 3

Dynamic Market

Answer 3

Market subject to rapid and continous change

Question 4

Risk

Answer 4

Take risks to create rewards

Question 5

Uncertainty

Answer 5

Factors outside a business’ control

Question 6

Primary research

Answer 6

Collecting information yourself for a specific purpose

Question 7

Secondary research

Answer 7

Information already collected for another purpose

Question 8

Market Orientation

Answer 8

Responds to a customer’s needs and wants

Question 9

Product Orientation

Answer 9

Develop good quality products

Question 10

Market Segments

Answer 10

Demographic, geograpgical, behavioural, psychographic

Question 11

Demographic Market Segment

Answer 11

Based on facts of the person

Question 12

Geographical Market Segment

Answer 12

Gives insight into location of person

Question 13

Behavioural Market Segment

Answer 13

Get to know consumer as a person and can therefore personalise the content

Question 14

Psychographic Market Segment

Answer 14

Considers consumers values, opinions, and interests

Question 15

Quantitative Data

Answer 15

Numbers

Question 16

Qualitative Data

Answer 16

Opinions + Attitudes

Question 17

Adding Value Definition

Answer 17

Increasing worth of resources by modifying them e.g. oak to chair

Question 18

Adding Value Formula

Answer 18

Sales Revenue - Cost of Material

Question 19

Product Differentiation

Answer 19

Give the product a USP