17.3 Markets Flashcards
Market segments
A subgroup of a whole market in which consumers have similar characteristics.
Industrial market
The selling of products by businesses to other businesses, also known as business to business, B2B.
Consumer market
The selling of products by businesses to the final end user, also known as business to consumer to B2C.
Customer (or market) orientation
An outward-looking approach that bases product decisions on consumer demand, as established by market research.
Product orientation
An inward-looking approach that focuses on making products that can be made - or have been made for a long time - and then trying to sell them.
Market size
The total value (or quantity) of sales of all producers within a market in a given time period.
Market growth
The percentage change in the total size of a market (volume or value) over a period of time.
