Meeting customer needs Flashcards
3 topics (the market, market research, market positioning) (26 cards)
What is a market?
A market is a place or system where buyers and sellers interact to exchange goods and services.
True or False: Market research is only conducted after a product is launched.
False
Fill in the blank: Market research helps businesses understand __________.
customer needs and preferences
What is the primary goal of market positioning?
To create a distinct image of a product in the minds of consumers.
Which of the following is NOT a method of market research? (A) Surveys (B) Focus Groups (C) Product Launch (D) Observations
C) Product Launch
What does SWOT stand for in market analysis?
Strengths, Weaknesses, Opportunities, Threats
True or False: Market segmentation divides a broad target market into subsets of consumers.
True
What is qualitative research?
Research that seeks to understand consumer behavior through non-numerical data.
Fill in the blank: The __________ is the group of consumers a company aims to reach with its products.
target market
What is the purpose of a competitive analysis?
To assess the strengths and weaknesses of competitors in the market.
Which type of research provides statistical insights? (A) Qualitative (B) Quantitative
B) Quantitative
What is brand positioning?
The process of positioning a brand in the minds of consumers relative to competitors.
True or False: Market trends can impact consumer behavior and business strategies.
True
What is a focus group?
A moderated discussion with a group of people to gather feedback on products or concepts.
Fill in the blank: __________ research involves collecting data from existing sources.
Secondary
What does the term ‘market share’ refer to?
The portion of a market controlled by a particular company or product.
Which of the following is a benefit of market research? (A) Reduces risks (B) Guarantees success (C) Eliminates competition (D) None of the above
A) Reduces risks
What is the role of customer feedback in market research?
To provide insights that inform product development and marketing strategies.
True or False: Understanding the target audience is unnecessary for effective marketing.
False
What is a buyer persona?
A semi-fictional representation of a business’s ideal customer based on market research.
Fill in the blank: __________ involves analyzing demographic, psychographic, and behavioral characteristics.
Market segmentation
What is the significance of the 4Ps in marketing?
They represent Product, Price, Place, and Promotion, which are key elements in marketing strategy.
What is the difference between primary and secondary research?
Primary research involves gathering new data, while secondary research involves analyzing existing data.
True or False: Market positioning is a one-time process.
False
