Marketing Flashcards
(17 cards)
What are customer needs?
Customer needs are the wants and expectations of buyers, including price, quality, choice, and convenience.
Why is it important to understand customer needs?
To develop products that meet those needs and increase customer satisfaction.
What is market orientation?
When a business focuses on meeting customer needs through market research.
What is product orientation?
When a business focuses on making the product and assumes it will sell itself.
What is market research?
The process of gathering, analysing, and interpreting information about a market.
Name two types of market research.
Primary research(Gathering new, first-hand data directly from customers (e.g. surveys, interviews).) and secondary research.(Using existing data collected by others (e.g. reports, statistics, internet).)
What is qualitative data?
Data based on opinions, attitudes, and beliefs.
What is quantitative data?
Data that can be measured and expressed numerically.
What is market segmentation?
Dividing the market into groups with similar characteristics.(Age, gender, income, lifestyle.)
What is a niche market?
A small, specific segment of the market with specialised needs.
What is a mass market?
A large market that targets the general public with standardised products.
Give an advantage of niche marketing.
Give a disadvantage of niche marketing.
Less competition and more customer loyalty.
Smaller customer base and limited sales.
Give an advantage of mass marketing.
Give a disadvantage of mass marketing.
Large potential market and economies of scale.
More competition and higher marketing costs.
Why does customer spending patterns change?
Due to changes in income, tastes, fashion, or technology.
What is the impact of increased competition?
Businesses may lower prices or improve quality to attract customers.
What is the marketing mix?
The combination of product, price, place, and promotion (4Ps).
What does the ‘product’ refer to in the marketing mix?
The good or service a business sells to satisfy customer needs.
