1.2 Flashcards
(23 cards)
Choice
giving customers options and increasing the chance that the product will be perfect for
the tastes/habits of one type of customer.
Convenience
making life easier for customers, perhaps by a great location or a product that saves time.
Identifying customers
finding out who they are: their age, gender, incomes, where they live and what they want
Quality
to a customer quality means getting what they want, or perhaps better than expected: (some companies use the term ‘customer delight’)
Understanding customers
learning why customers do what they do, making it easier to see how to make a product that better suits them
primary research
research done by the buisness
secondary research
research that has alreaddy been gather by another person/buisness
is primary or secondary research more accurate
secondary
is primary or secondary research more expensive
primary
are observations primary or secondary research
primary
are govermental agency reports primary or secondary research
secondary
Qualitative data
in-depth research into the
opinions and views of a small group of potential
or actual customers; it can provide insight into
why consumers buy what they buy.
Quantitative data
factual research among
a large enough sample of people to provide
statistically reliable results, for example a
survey of 500 people aged 15–24 years.
Demographics
the study of the statistical
differences that exist within a population, both
now and in the future.
Lifestyle
grouping people by common
characteristics in how they live, from their
participation in sports and leisure to their views
on the environment, taste in music and even
nerdier things such as a passion for trains.
Location
the extent to which consumers identify
with the place where they were born or grew up.
Market segments
the subsets within a market
that have been identifi ed as a result of market segmentation
(The) competition
companies operating in your
market or market sector.
Gap in the market
an area on a market map
where few or no existing brands operate,
implying a business opportunity to fi ll an unmet consumer need
Market map
measuring where existing brands
sit on a two-factor grid, for example young/old
compared with high price/low price.
Competitive environment
the strength of
competition between companies in the same market
Innovative
a new, perhaps original, product or process
