1.1.1 Meeting customer needs

Question 1

Market research

Answer 1

Market research
Gathering, presenting, and analysing information about products/customers

Question 2

Market segmentation

Answer 2

Process companies use to break customers into different sections

Question 3

Primary market research
+ & -

Answer 3

Collecting data firsthand to match the specific needs of the business
+Direct focus on research objectives
+More up to date
-Time consuming & costly
-Rick of bias

Question 4

Product orientation

Answer 4

Business develops products based on what it is good at doing

Question 5

Market orientation

Answer 5

When a businesses products are based around the needs and wants of the customer.

Question 6

Qualitative data

Answer 6

Market research collected relating to the opinions and beliefs of consumers. Data not presented numerically.

Question 7

Quantitative data

Answer 7

Numerical information gathered and can be presented and analysed using graphs, charts, tables

Question 8

Secondary market research

Answer 8

Gathering data that already exists, that has been collected by another business
+Faster & cheaper
+Provides a broad overview
-Not tailored to business specific needs
-Potential for outdated info