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• What is the definition of customer needs?

  A problem that can be solved with the purchase of a new item.
• What is meant by price?


  a customer needs to product to be at a appropriate price.
• What is meant by quality?

  a reasonable standard in proportion to price
• What is meant by choice?

  an array of options to buy from
• What is meant by product range?

  many different options to buy products from so everyone unique needs can be satisfied.
• What is market research?

  Studying the market to identify a target market so that their needs can be fulfilled.
• What are 2 types of research?


  primary and secondary
• What is the purpose of research.

  identify customer needs

  identify target market

  reducing risks

  informed decisions
• What is primary research?

  data that you collect by yourself by asking and gathering information
• What is a survey and what are its pros and cons?

  Survey- asks and gather infromation from a group of people Pros: Collects data efficiently, and provides quantitative insights. Cons: Response bias, limited depth of information.
• What are questionnaires and what are its pros and cons?

  Questionnaires: - Surveys with pre-set questions Pros: Easy to administer, cost-effective, can collect data from a large sample Cons: Response bias, limited depth of responses
• What are focus groups and what are its pros and cons?

  Focus groups: - Small group discussions led by a moderator to gather opinions and insights. Pros: Generate in-depth qualitative data, and encourage group interaction. Cons: Potential for groupthink, expensive and time-consuming.
• What are observations and what are its pros and cons?

  Observations: Data collection method involving direct observation of behavior Pros: Provides firsthand information, and allows for real-time data collection. Cons: Observer bias, limited to what is observable, time-consuming.
• What is secondary research?

  Using existing data and information collected by others for your own research purposes.
• What is internet data and what are its pros and cons?

  Data collected from the internet via billions of websites Pros: Instant access to information, communication, and convenience. Cons: Privacy concerns, security risks, misinformation.
• What is a market report and what are its pros and cons?

  Market report is the data that is published by other sites on the internet. Pros: Provides current market trends and insights. Cons: Can be time-consuming to analyze and may not always be accurate.
• What are government reports and what are their pros and cons?

  Government reports are official documents that provide information on a specific topic or issue. Pros: Provide reliable and authoritative information, that can be used for decision-making. Cons: Can be time-consuming to produce, and may be biased or incomplete.
• What is quantitive data?

  Data is in numbers and is usually collected in graphs.

  numerical data

  used by questionnaires

  discovers trends.
• What is qualitative data?


  non-numerical data like employees feelings

  motivations and opinions recorded
• What is the role of social media in research?

  cheaper

  real-time and up to date

  larger audience
• What is reliable market research?


  hire market research companies
• What is market segmentation?

  breaking the market group by similar needs and wants
• What is segmentation by location?

  some stuff needed in specific places urban area etc
• What does segmentation by demographic mean?


  Dividing a market based on characteristics such as age, gender, income, education, etc.
• What does segmentation by life style mean?


  Grouping consumers based on their activities, interests, opinions, and values.
• Segmentation by income?


  Income brackets
• Segmentation by age?


  some ages require other things in comparison to younger ones
• What is market mapping?

  Market mapping is a visual representation of the competitive landscape in a specific market, showing the positioning of different products or brands based on their attributes or characteristics.
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• What does it mean to stand out in a competitive environment?

  strong band

  advantageous brand

  higher profit
• What does it mean to be customer-oriented in a competitive environment?

  satisfaction of customers

  recruiting nice staff
• What does it mean to build loyalty in a competitive environment?

  older customers that always come back
• What is differentiation in a competitive environment?


  design

  packaging

  segmentation

  new features

  pricing strategies

  location

  service
• Product range


  The variety of products that a company offers for sale, including different models, colors, sizes, or styles
• What is a market?

  A place where buyers and sellers meet
• Why do businesses thrive?

  By meeting customer needs and wants
• What are needs considered to be?

  Essential requirements like shelter or food
• How are wants defined?

  Desires that are non-essential
• What is the aim of marketing?

  To identify and satisfy consumer needs
• What is market research?

  Systematic gathering of consumer data