1.1 The Market Flashcards
what is a mass market
A product aimed at a large range of consumers, the market is not segmented e.g. necessity items
what is a niche market
A product aimed at a small currently unsatisfied segment of the market e.g. luxury items
benefits of e-commerce on the business
+
24/7 sales
wide market
low overheads
benefits of e-commerce on the consumer
+
24/7 access
cheaper price
online discounts
what is a dynamic market
market is subject to rapid change, based on trends e.g. clothing
benefits of a dynamic market
+
gain market share
gain sales
what is a brand
a business’s identity distinguishing it from suppliers e.g. name, colour scheme
what is primary research
field research, first hand data collected by the business e.g. focus groups, survey, questionnaire
what is secondary research
desk research, undertaken by another business e.g. internet, books, magazines
what is market segmentation
market is split into sub-groups e.g. age, gender, location, wages
what is market orientation
outward approach to customer needs and market research
product orientation
inward approach to product development, focuses on high quality over what consumers want
what is quantative data
statistical information about consumer trends
what is qualitive data
research is non-statistical information that provides insight for the consumer trends
what is differentation
a business offers a product or service that stands out from competitors
