Business studies

• What is market segmentation?

  Splitting a market into different groups
• Why is market segmentation important for businesses?

  It enables targeting products to relevant customers
• What is a target market?

  Specific group of people for a product
• How does marketing function within a business?

  It aligns with the overall strategy of the business
• What is the benefit of precise targeting in market segmentation?

  It meets the needs and wants of customers
• What factors are considered in geographic segmentation?

  Location factors like temperature and population
• How does gender affect market segmentation?

  Men and women have different shopping interests
• What are the two main reasons for satisfying customer needs in a new business?

  Generate sales and ensure survival
• What are the benefits of market segmentation?

  • Identifies target market
  • Creates specific marketing strategies
  • Increases marketing effectiveness
  • Tailors promotions to specific demographics
• Why must a business identify and fulfill customer needs?

  To ensure customer satisfaction and loyalty
• What is the significance of price in customer needs?

  It must match the quality of the product
• What does quality refer to in customer needs?

  The standard of the product or service offered
• Why is choice important for customers?

  It suits different groups of customers
• What does convenience mean in the context of customer needs?

  Something easier, quicker, or less hassle
• What are the four main customer needs to consider in business?

  1. Price
  2. Quality
  3. Choice
  4. Convenience
• What is the purpose of market research?

  To collect information about demand
• What type of information does market research collect?

  Information about competition
• What is another aspect that market research focuses on?

  Target market
• Why is interpreting marketing data important?

  It helps businesses make informed decisions
• What is the formula for calculating current market size?

  Current market size = (Original market size - 1) x 100
• What is the original market size in the current market size formula?

  It is the initial size of the market
• How does market research benefit a business?

  By identifying customer needs and preferences
• What connections can be drawn between demand and competition in market research?

  Understanding demand helps assess competitive strategies