1.1 Meeting customer needs

Question 1

Market

Answer 1

place where buyers and sellers come together to exchange goods and services

Question 2

mass market

Answer 2

when a firm targets the whole of a market

Question 3

niche market

Answer 3

when a firm targets a small subsection of a market

Question 4

online retailing

Answer 4

buying and selling of goods or services online

Question 5

market size

Answer 5

total value or volume of sales in the market

Question 6

market share

Answer 6

proportion of total market sales that a firm has

Question 7

market growth

Answer 7

percentage increase in the size of the market

Question 8

dynamic markets

Answer 8

market is constantly changing

Question 9

risk

Answer 9

potential for loss by an entrepreneur when undertaking a venture to attain rewards

Question 10

uncertainty

Answer 10

inability to predict exactly what will happen in the future

Question 11

market research

Answer 11

process of gathering primary and secondary research to help a firms marketing decisions

Question 12

bias

Answer 12

a preference to hold a viewpoint that does not take into account of all the alternatives within a population

Question 13

product orientation

Answer 13

key focus is on what products can be made and the production process

Question 14

market orientation

Answer 14

Key focus is on what products the consumer wants

Question 15

primary research

Answer 15

collection of first hand data that did not previously exist

Question 16

secondary research

Answer 16

research that has already been undertaken, previously exists

Question 17

quantitative data

Answer 17

statistical data that informs a company about people’s behaviour but does not identify the reasons

Question 18

qualitative data

Answer 18

non statistical information that gives a company reasons for human behaviour