market definitions Flashcards
market
any place where buyers and seller can meet to trade
market research
research that help businesses to identify products/services to develop
mass market
market that is aimed at general population
niche market
sub-sect of main market that addresses a specialist need for a smaller group of consumers
dynamic market
market that is subject to rapid change
sales revenue calculation
price x quantity sold
market share
(sales of business/ totals sales of market) x 100
product orientation
focuses on characteristics of product
market orientation
focuses on needs and wants of consumers
quantitative data
numerical data
qualitative data
data based on opinion and thoughts
primary research
research carried out yourself
examples of primary research
- interviews
- surveys
- observations
- focus groups
secondary research
analysis of data that already exists (not collected by you)
example of secondary research
- purchasing market reports
- online research
- anthropometric data
market segmentation
Dividing up a market into smaller segments where consumers share similar characteristics
fixed costs
expenses that don’t change as production levels change
fixed costs
expenses that don’t change as production levels change
total revenue
total amount of money earned from selling a quantity of goods/services
sales forecast
estimating the future revenue by predicting how much product/services will sell of the be t certain period of time
Benefits of market segmentation
- better matching of consumers needs
- enhanced profit
- retain more customers
- better market communication
- gain share of market segment
