Ch.10- Marketing, competition and the customer Flashcards
Customer base
the group of customers a business sells its products to
Market
All customers and consumers who are interested in buying a product and have the financial resources to do so
Target market
Individuals or organisations identified by a business as the customers or consumers of its products
Customer
An individual or business as the customers or consumers of its products
Consumer
The final user of a product
Consumer markets
Markets for goods and services bought by the final consumer
Industrial markets
markets for goods and services bought by other businesses to use in their production process
Business environment
The combination of internal and external factors that influence the operations of business
Free trade
No barriers exist that might prevent trade between different countries
Niche marketing
Developing products for a small segment of the market
Mass marketing
Selling the same product to the whole market
Market Segment
A part of the whole market in which consumers have specific characteristics
Market segmentation
Dividing the whole market into segments by consumer characteristics and then targeting different products of each segment
Geographic segmentation
Dividing consumers in the market by the geographic area
Demographic segmentation
dividing consumers in the market by factors such as age, gender, income, ethnic background and social class
