Enterprise and marketing concepts

Question 1

How are customers different?

Answer 1

Customers are different in terms of:

• Benefits customers require from their products
• Money customers are willing to pay
• Quality of goods they require
• Quantity of goods they require
• Time and location they wish to purchase the goods

Question 2

What is market segmentation?

Answer 2

Market segmentation is the process of splitting the whole market up into specific groups with the same characteristics.

Question 3

List 7 ways to segment your market:

Answer 3

These 7 groups are the ways that businesses can segment their customers.

• Age,
• Gender,
• Occupation,
• Income,
• Geographical location,
• Lifestyle,
• Religion.

Question 4

Why don’t businesses try to please everyone?

Answer 4

• It’s costly

- Not everyone likes the same things

Question 5

Benefits of segmenting the market:

Answer 5

• Increased customer retention
• Increased customer satisfaction
• You know your customer better
• You can meet all your customers needs

Question 6

What is the purpose of market research?

Answer 6

Market research is the process of finding the successfulness of a new service or product through research done directly with potential customers.

Question 7

What is Primary Research?

Answer 7

Primary research is first-hand information gathered through self-conducted research methods.

Question 8

The advantages of primary research are:

Answer 8

• It is more specific
• You have greater control over the data
• The data belongs to you

Question 9

The advantages of secondary research are:

Answer 9

• It is easier and more convenient
• Its more affordable
• There is more availability of information

Question 10

The disadvantages of primary research are:

Answer 10

• Its very timeconsuming
• Expensive
• You need skills
• The information might be false

Question 11

The disadvantages of secondary research are:

Answer 11

• It could be old information
• Its not very reliable
• Also expensive

Question 12

Methods of primary research are:

Answer 12

• Observation
• Postal surveys
• Telephone interviews
• Online surveys
• Face-to-face surveys
• Focus group
• Test marketing

Question 13

Methods of secondary research

Answer 13

• Internet
• Libraries
• Archives,
• Schools
• Organizational reports

Question 14

What is customer feedback?

Answer 14

When a business asks for the opinion of its customers, so that the business can continue to produce the product or service that the customers need and want

Question 15

Why is it important for customers to be happy?

Answer 15

So that the business continues to grow and be profitable, which means customer reviews and opinions are important.

Question 16

What is secondary research?

Answer 16

Secondary research is gathered from previously compiled, gathered and published data done by others.