8 Questions
What can a business learn by understanding the preferred use of a product by its customers?
The motives and preferences of customers
Why is it important for a business to learn more about the motives and preferences of customers?
To enhance market share
Which type of market does a business operate in if its customers are consumers?
B2C market
What can an analysis of where customers buy products help identify?
Preferred channels of distribution
Why is it important for a business to identify seasonal fluctuations in customer buying behavior?
To plan ahead the production
Which type of market does a business operate in if the buyer and the user of a product are not the same persons?
Both B2C and B2B markets
What can an analysis of when customers buy products help a business identify?
Seasonal fluctuations in customer buying behavior
Why is it important for a business to learn more about its current and potential customers?
To develop and improve products according to customers' needs
Study Notes
Customer Analysis and Market Measures in Market Research
- Customer analysis is an important element of market research activities
- Businesses try to learn more about their current and potential customers
- Customers can be either consumers (B2C) or other businesses (B2B)
- The buyer and user of a product may not be the same person
- Understanding what customers do with products helps in product development
- Knowing where customers buy products helps identify preferred distribution channels
- It can also reveal weaknesses in distribution channels and encourage alternative channels
- Understanding when customers buy products helps identify seasonal fluctuations
- It can also assist in planning production and considering price differentiation
- Learning why customers choose a product or prefer another is important for product development
- It also helps in enhancing market share
- Market research can also focus on measuring the market
Test your knowledge on customer analysis and market research with this quiz. Learn about identifying current and potential customers, distinguishing between B2C and B2B markets, and understanding buyer behavior.
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