1.1 Meeting Customer Needs Flashcards
Mass Market
Products which are aimed at the general population
Niche Market
Subset of the mass market providing specialist products
Market Size
The total size of the market in terms of sales volume
Market Share
How much of the total market size the firm holds itself
Dynamic Market
A market that is subject to rapid and/or continuous change e.g online retailing
Brand
Characteristic/name/symbol that differentiates a product from other suppliers
Product Orientation
Approach to business which places emphasis on the production process and the product itself
Market Orientation
Approach to business which places the needs of the customer at the centre of decision making
Marketing Mix
4P’s - Product, Place, Price, Promotion
Primary Data
Collect data first hand
Secondary Data
Collect data that already exists
Market Segments
An identifiable group of individuals apart of the market
Market Map
A 2D diagram that shows two attributes of a brand and its rivals
Product Differentiation
The act of distinguishing a product/service from competitors
Adding Value
Increasing worth of resources by investing in them
