1.1.1

Question 1

Definition of market share?

Answer 1

The percent of total sales in an industry generated by a particular company.

Question 2

Definition of market size?

Answer 2

The total number of potential buyers of a product or service within a given market

Question 3

Definition of market?

Answer 3

A place where sellers and buyers come together to trade goods.

Question 4

what is risk in business?

Answer 4

Risk is not knowing the possible outcome when first starting a business

Question 5

what is uncertainty in business?

Answer 5

Uncertainty is knowing the possible outcomes when first starting a bsuiness

Question 6

Mass Market

Answer 6

targeting a large population of the market, producing generic products and serving at cheap prices.

Question 7

Niche Market

Answer 7

Targeting a small population of the market, producing specific products and serving at premium prices.

Question 8

what is marketing?

Answer 8

the process of understanding customers and finding ways to provide products or services which customers demand

Question 9

what is a Dynamic Markets?

Answer 9

A market which is subject to continual and rapid change

Question 10

Factors that affect the dynamic market:

Answer 10

innovations, social change, economic change

Question 11

What is market share equation?

Answer 11

sale of business/total sale in market x 100

Question 12

What is market Research?

Answer 12

Market Research is the first stage of marketing, it involves gathering and analysing quantitative and qualitative data.

Question 13

Market research questions?

Question 14

Primary Market Research

Answer 14

Gathering data that is first hand collected

Question 15

Secondary Market Research

Answer 15

Gathering data that is second hand collected, perhaps published by a former company

Question 16

Secondary Market Research (A+D)

Answer 16

:)
- Quickly gather considering its already layered out presentably
-easy to gather
-better when needing a large sample
:(
-Expensive data to collect
-out of date data

Question 17

Primary Market Research (A+D)

Answer 17

:)
-specific to the data needed
- 2 way communication follow up
-more up to date and reliable
:(
- time consuming
difficult to conduct on a large scale

Question 18

Product Orientation

Answer 18

Focused solely on the product and the products efficiency (if its completing its designed job).

Question 19

Market Orientation

Answer 19

Focused solely on the customers opinions on the product and wants to meet customers needs

Question 20

Market Research Limitation

Answer 20

:(
- can be biased
-small sample is unreliable
-time consuming

Question 21

Sampling Definition

Answer 21

Sampling involves selecting a group of representatives from the large target population

Question 22

Correlation

Answer 22

Correlation is a process when the business can understand factors that are helping or not helping their business. This can be manipulated to ear greater sales.

Question 23

Ict in market Research

Answer 23

Ict can support collecting data :
analysing database
social media/ networking
gathering information

Question 24

What is Market Mapping?

Answer 24

A technique used to understand how products/business are viewed relative to competitors

Question 25

Market mapping

Answer 25

:)
- to understand whether there is a gap in the market
-understand their competitors
-understand the type of product they are putting out on the market

Question 26

Product differentiation deifniton?

Answer 26

Product differentiation is simply making a product diffferent from the competitiors.

Question 27

Competitive advantage definition?

Answer 27

A business that creates value for its customers