Market Flashcards
Boston matrix
A model which analyses the product portfolio of a business into four categories (stars, cash cows, problem children and dogs)
Competition
The businesses that compete for a share of a market
Competitiveness
The ability of a business to offer a better product than competitors (as measured by customers)
Market share
The share of the total market that is owned by a particular business, product or brand
Market segmentation
The process of dividing a market into smaller sections (segments) which contain customers with similar needs and wants
Market research
The process of planning, collecting and analysing data relevant to help make marketing decisions
Marketing mix
The set of marketing tools that the firm uses to pursue its marketing objectives
Mass market
Describes the largest group of customers with specific needs and wants in an industry
Niche market
A niche market is a focused segment of a larger market sector which is possible to target
Primary research
The market research that involves the collection of data that does not yet exist
Qualitative research
Market research concerned with collecting data on attitudes, research opinions, beliefs, intentions etc.
Quantitative research
Market research concerned with collecting data that can be measured e.g sales statistics
Sample
In market research, a sample is a subset of a population
