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1.1 Meeting customers needs - Coggle Diagram
1.1 Meeting customers needs
1.1.1 The market
Market share - how much of the market does the business control (%)
Market leader - most market share
Market growth - how big the market is getting
Mass v Niche market (specific)
1.1.2 Market research
Primary research
Secondary research
Provides quant/ qualitative data
Qual = more detail
Quant = numerical
Market segmentation
Demographics: age, interests
Product v market orientation
Market positioning
Market Mapping: P v Q
Competitive advantage via differentiation
Added value
Customisation, packaging, strong brand
Competition
competition
Prices ... + revenue