6. Understanding Markets.

Question 0

National market.

Answer 0

A geographically dispersed market spread over a large area

Question 1

Local market.

Answer 1

When customers are only a short distance away.

Question 2

Electronic Market.

Answer 2

Does not have a physical presence, but exists in a virtual presence via the Internet.

Question 3

Demand

Answer 3

The quantity consumers are willing and able to buy at each given price level.

Question 4

Market segmentation

Answer 4

The technique where the market is broken down into smaller sections with similar characteristics.

Question 5

Market segment

Answer 5

A group of consumers with ing a larger market who have similar characteristics

Question 6

Market share.

Answer 6

The proportion of a total market accounted for by one product or company.

Question 7

Market Growth.

Answer 7

The measurement of the change in market size, expressed as a percentage.

Question 8

Market size

Answer 8

The measurement of the size of total sales for a while market, expressed in terms of value of sales (£’s) or volume of sales. (Units)