Chapter 10 Flashcards

1
Q

Marketing

A

Identifying and meeting the needs of customers.

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2
Q

Market share

A

The proportion (%) of total market sales held by one brand or business

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3
Q

Customer
loyalty

A

The willingness of customers to continue to buy the same product from the same business.

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4
Q

Customer
relationships

A

Communication with customers to encourage them to become loval to the business and its
products.

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5
Q

Mass market

A

Where there is a large number of sales of a product.

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6
Q

Niche market

A

A small specialised segment of a larne market

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7
Q

Market
segment

A

Identifiable sub-group of a whole market in which consumers have similar characteristics or
preferences.

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