LO1 Flashcards
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| 🇬🇧 | 🇬🇧 |
| How could customers vary? List 4 | Requirements Money they are able to pay and willing to pay Quantity and Quality of foods they require Time and location they want to purchase the goods |
| What are the 6 segments of the market | Age Gender Occupation Lifestyle Income Geographic |
| 2 Benefits of marker segmentation | - Detailed knowledge of potential customers allow you to fit you product to their wants and needs, giving your product a better chance of succeeding - You can target your advertising and promotion |
| What’s primary research? What are the methods of it? | First hand research conducted by the business itself such as: -Observations -Survey/Questionnaire -Focus Group -Consumer Trials |
| What’s secondary research? What are the methods of it? | Research that has already been conducted and can be found easily, such as: -Internal Data -Books and Magazines -Competitor’s Data -Government Statistics and Other Research Material |
| Advantage and Disadvantage of Primary Research | Sometimes expensive and time consuming. However the business can get results that are specific to what they need to know. |
| Advantage and Disadvantage of Secondary Research | Cheaper and takes less time. However the data that exists was not produced exactly to the business’s research objectives. |
| What does customer feedback do? | Helps make improvements to the business Gives the business more chance of making sales Gives customers a voice |
| 6 ways customers can give feedback | Telephone survey Online survey Comment cards In store verbal comments to staff Leave reviews on a website Social Media |