What is a customer base?

The group of customers a business sells its products to.

What is the main role of marketing?

To identify and satisfy customer needs.

How can marketing maintain customer loyalty?

By creating a good relationship with customers and building a customer base.

What are some benefits of maintaining customer loyalty?

Easier to match products to needs, maintain competitiveness, and improve brand image.

How can businesses communicate with customers?

Through newsletters and social media.

What is a loyalty scheme?

A program that offers rewards to existing customers to encourage them to return.

Why is it important to resolve complaints quickly?

To prevent customers from going to other businesses.

What is niche marketing?

Developing products for a small segment of the market.

What is mass marketing?

Selling the same product to the whole market.

What is market segmentation?

Dividing the whole market into segments by consumer characteristics.

What is geographic segmentation?

Dividing consumers in the market by geographic area.

What is demographic segmentation?

Dividing consumers in the market by factors such as age, gender, income, and social class.

What is psychographic segmentation?

Dividing the market according to lifestyles, personalities, and attitudes of consumers.

What are the benefits of market segmentation?

Goods and services can be designed to meet specific needs, increasing sales.

What is price discrimination?

Charging higher prices for similar products in different market segments.

What factors can change consumer spending patterns?

Price of the product, price of competitors' products, changes in income, and changes in population size.

How can businesses respond to changing spending patterns?

By developing new products, improving efficiency, and increasing promotion.

What is the role of advertising in marketing?

To persuade consumers to buy products.

What is the importance of understanding consumer needs?

To develop products that satisfy those needs and maintain competitiveness.

What is the impact of technology on consumer behavior?

It leads to new product development and changes in consumer preferences.

What is the significance of customer feedback?

It helps businesses align their products with customer needs.

What is the effect of competition on businesses?

It forces businesses to innovate and improve their offerings.

What is the relationship between market size and population?

A larger population generally leads to a larger market.

How can businesses maintain competitiveness?

By responding to market changes and consumer needs.

What is the benefit of having a strong brand image?

It can lead to increased customer loyalty and the ability to charge higher prices.

What is the role of market research?

To identify how consumer needs and wants are changing.

What is the importance of product development?

To create new products that meet changing consumer demands.

What is the impact of free trade on competition?

It increases competition by allowing businesses to enter new markets.

What is the significance of e-commerce in marketing?

It expands market reach and increases competition.

What are the characteristics of a niche market?

It focuses on a small segment of the market with specialized needs.

What is the difference between niche marketing and mass marketing?

Niche marketing targets a small segment, while mass marketing targets the whole market.

What is the role of advertising in changing consumer behavior?

It influences consumer preferences and spending patterns.

How can businesses identify their target market?

Through market research and analysis of consumer characteristics.

What is the importance of customer loyalty for businesses?

It leads to repeat sales and reduces marketing costs.

What are some methods of market segmentation?

Geographic, demographic, and psychographic segmentation.

What is the effect of changing tastes and fashion on consumer behavior?

It can lead to shifts in demand for certain products.

How can businesses use social media for marketing?

To engage with customers and promote products.

What is the significance of understanding competition?

It helps businesses develop strategies to differentiate themselves.

What is the role of customer service in maintaining loyalty?

Good customer service helps build strong relationships with customers.

What is the impact of economic conditions on consumer spending?

Economic downturns can lead to reduced spending.

How can businesses adapt to changes in consumer income?

By adjusting pricing strategies and product offerings.

What is the importance of brand loyalty?

It encourages repeat purchases and can lead to higher sales.

What is the role of feedback in product development?

It helps businesses refine products to better meet customer needs.

What is the significance of understanding market trends?

It allows businesses to anticipate changes and adapt accordingly.

Marketing, Competition and the Customer Flashcards

Student preview

164 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is a market?

Back

All customers and consumers who are interested in buying a product and have the financial resources to do so.

2.

FLASHCARD QUESTION

Front

Define target market.

Back

Individuals or organizations identified by a business as the customers or consumers of their products.

3.

FLASHCARD QUESTION

Front

Who is a customer?

Back

An individual or business that buys goods and services from a business.

4.

FLASHCARD QUESTION

Front

What is a consumer?

Back

The final user of a product.

5.

FLASHCARD QUESTION

Front

What are consumer markets?

Back

Markets for goods and services bought by the final users.

6.

FLASHCARD QUESTION

Front

What are industrial markets?

Back

Markets for goods and services bought by other businesses to use in their production process.

7.

FLASHCARD QUESTION

Front

What is the business environment?

Back

The combination of internal and external factors that influence the operations of a business.

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