1.3.1 Business

Identifying and exploiting a small segment of a larger market with specific needs and wants.

Economic growth and increasing global population leading to higher demand for goods.

No targeting of specific groups within the market.

To locate specific information within a database.

People from different origins may spend their money on different things.

A group discussion where customers provide feedback about a product, facilitated by market researchers.

Clothes are often bought depending on customer attitudes, such as preferences for grunge outfits.

The total potential sales or revenue available in a specific market.

Brands can help define and capture segments of the market, influencing overall market size.

Committing resources that can be lost while exploring new ventures.

To organize data in a specific order, such as ascending.

To observe the cheapest suppliers in the market.

To gain insights into a firm's customers and analyze trends.

It helps in recognition and can make the product stand out from competitors.

To receive detailed feedback for continual improvement of their products.

Publications produced by businesses that provide statistics for other businesses.

Through effective marketing strategies, product differentiation, and customer loyalty.

It helps maintain competitiveness even if competitors lower their prices.

A type of demographic segmentation that segregates the market based on occupation.

By determining production needs and hiring more workers or machinery.

To enhance business success by identifying and understanding these patterns.

Into groups that share specific characteristics, such as age and gender.

Higher profits by charging high prices for different market segments.

It provides a cost-effective and in-depth tool for gaining insights.

Promotional costs may be high as different advertisements might be needed for different segments.

Many people do not like being approached on the street.

They are cheaper and can cover a wider geographical area.

By developing a niche.

To sell a product in a small geographical area to test it before a wider launch.

Mergers and takeovers.

They may face higher prices and reduced innovation.

To differentiate products from competitors, especially in competitive markets.

To gain access to valuable information like customer details and suppliers.

A small group of people that represents a proportion of the total market.

Because customers differ in the benefits they want, amount they are willing to pay, media, quantities they buy, and time and space they buy.

The gathering of 'new' information that does not already exist.

By avoiding promotion for segments that are not interested in their products.

Flexibility in workplace and products.

They provide better pricing and free products for loyal customers, adding value.

By identifying and anticipating customer needs and wants.

By anticipating market changes before they occur.

Catering to a specific audience can make a business more competitive.

Since respondents are not randomly selected, it may not be statistically accurate to represent the entire population.

The specific characteristics of each market.

It enables businesses to stand out from competitors.

Focusing on target markets.

By accessing their websites.

By providing specific information about market movements and trends.

Primary market research.

To ensure that the behavior and views of the sample reflect those of the entire population.

The place a brand occupies in the minds of customers and how it is distinguished from competitors.

Technology and growing industries.

Surveys and government publications.

It helps differentiate products from competitors.

Data that can be quantified by a numerical figure.

EU, World Bank, WTO, etc., providing information like interest rates.

The rivalry that exists between businesses.

It allows businesses to charge higher prices.

The collection of data that is already in existence.

New competitors, changing consumer tastes, government policies, new technology, natural disasters, and economic recessions.

The nature of the product, policy decisions, views of those in control, nature and size of the market, and degree of competition.

A part of the whole market where a particular customer group has similar characteristics.

Groups of customers asked for feedback about products over a period of time.

A focus on the production process and product design rather than meeting customer needs.

Qualitative research.

A method where respondents are selected randomly for interviews.

Face-to-face interviews.

At least 10% of the population.

Identifying areas for improvement and making changes.

An organized collection of data stored electronically with instant access and sorting facilities.

Using eco-friendly materials can attract more customers.

It is more cost-effective and useful where the proportions of different groups are known.

More choice, better quality, and low prices.

Risk involves unknown outcomes from actions taken, while uncertainty involves unpredictability of external factors affecting the business.

It accurately distinguishes the size and layout of the market or industry.

A small sample may not be representative of the whole population.

Respondents are selected in a non-random manner in the same proportion as they exist in the whole population.

Businesses can analyze ads to observe the number of competitors in the market.

It's hard for businesses to measure consumer beliefs, attitudes, and lifestyles.

They are likely to lose market share.

To achieve differentiation and consumer perception about a product.

Asking consumers questions or observing their behavior.

Through flexible working practices, pricing, and shifts.

As markets change, to adapt to new consumer perceptions.

By selling specialized items.

To determine how much of a product a business might expect to sell.

By lowering prices, differentiating products, and offering better quality.

It allows a business to adapt to current customer needs and wants.

Selling the same product to the whole market with no attempt to target specific groups.

A process using a graph to plot competitors and their products to understand competitor behavior and spot market gaps.

Internal data from within the business and external data from outside sources.

Segmentation based on the frequency of usage of a product.

Market is segmented based on how loyal customers are.

Consumers’ usage and loyalty can be hard to measure.

To reduce the risk of failure.

Increased accuracy versus higher costs.

A focus on making products meet the needs and wants of customers.

That all members of the group are exactly the same.

Balance of open and closed questions, clear language, no leading questions, and not too long.

They are often not returned, leading to wastage of resources.

Dependency on one or two limited market segments can be risky.

Economies of scale.

It helps reduce the risk of failure by allowing late adjustments.

The percentage of total sales in a market that is held by a particular brand or company.

Innovation drives changes that can lead to market expansion.

Missed opportunities.

It can only analyze two product qualities on the same map.

Segregating the market based on customer attitudes, opinions, and lifestyles.

The collection, presentation, and analysis of information relating to the marketing and consumption of goods and services.

Latest posts and popular terms.

It can define the target market and earn high sales by targeting products.

The business themselves or a market research agency.

An advantage that allows a business to perform better than its rivals.

Segregating customers depending on where they live.

Reports on economic patterns, including sector sizes, age groups, income levels, and spending patterns.

They are cheaper and can be easily accessed by customers worldwide.

Fast delivery leads to higher customer satisfaction.

In stratified sampling, random people are picked from the groups instead of strategically choosing them.

It represents a significant change in how markets operate and grow.

Specific needs and wants of a small segment of the market.

It would be expensive for the business.

It makes decision-making difficult due to unpredictable external factors.

High production costs may lead to a more market-oriented approach to promote products effectively.

Qualitative research.

Surveys that help gain insights on customer demand patterns.

There may be a difference between consumers' perception of brand benefits and the actual benefits.

By exceeding customer expectations and impressing them with care and support.

Questions can be explained if a respondent is confused.

Dividing markets according to age, gender, income, social class, ethnicity, or religion of the population.

By allowing businesses to insert a customer's name or logo, distinguishing their products.

Adequate service can enhance competitiveness, especially for products needing more care.

They can cost money and reduce a business's profit.

No more people are interviewed from each group.

Two dimensions showing qualities or characteristics of a brand and rival brands.

A strong focus on product orientation.

Actual differentiation (physical difference) and imagined differentiation (brand).

By setting a relatively high price to convey value or elegance, making it unique from competitors.

The view consumers have about the quality, value for money, and image of a product in relation to competitors.

No more people are interviewed from each group.

Segregating the market based on how a customer relates to a product.

Information about rival products and their marketing methods.

Better quality may lead customers to pay higher prices.

It can respond quickly to market changes.

That launching a new product with low demand would be ineffective.

It should be user definable, allowing different users to specify its function or meaning.

A method of quota sampling where respondents are chosen at random from segregated groups.

Competitor profiles including incentives, company size, and recruitment activities.

Combining multiple services in a package for customers to gain benefits.

The group should be representative of the whole population.

Shopping channels can be used to observe competitors' products.

Attractive wrapping can lead customers to perceive higher quality linked to the packaging.

Conducting market research to analyze customer needs.

Consult the consumer continuously.

Many people may decline or not answer calls from market research agencies.

A collection of common data.

By focusing on the production process and technological investment.

Highlighting benefits, characteristics, origin, and classification name of the product.

To adapt to demand changes in the market.

Creative advertisements can attract customers.

Encouraging consumers to test a product before its full market launch.

Lower costs allow businesses to lower prices and be more competitive.