1.1 Flashcards
What is the difference between mass and niche market?
Mass market targets all consumers and is normally big, niche targets to a small segment
What is a dynamic market?
A market that experiences rapid and continuous change
Why do markets change?
Advances in technology, innovation, responding to the external market
How does competition affect the market?
Pricing, demand
What is market research?
The process of collecting and processing information about the market that a business operates in
What is qualitative research?
Information about opinions and views
What is quantitative research?
Numerical data
What are some methods of market research?
sampling, technology
What is segmentation?
The process of dividing potential customers into different groups based on characteristics
What are some methods of segmentation?
Income, gender, location, age
