A-level Business Studies Lesson 16 (3.3.3)

Question 1

Market segmentation

Answer 1

The classification of customers or potential customers into
groups or sub-groups (market segments), each of which
responds differently to different products or marketing
approaches.

Question 2

Market targeting

Answer 2

Deciding on the consumers / market segment(s) to whom you
intend to sell your products or brands.

Question 3

Niche marketing

Answer 3

Targeting a product or service at a small segment of a larger market.

Question 4

Mass marketing

Answer 4

Aiming a product at all (or most) of the market.

Question 5

Market positioning

Answer 5

Where your product or brand stands in relation to the products or brands of other businesses.

Question 6

Competitive advantage

Answer 6

A benefit that allows a business to gain and retain more customers than its competitors.