market definitions

Question 1

market

Answer 1

any place where buyers and seller can meet to trade

Question 2

market research

Answer 2

research that help businesses to identify products/services to develop

Question 3

mass market

Answer 3

market that is aimed at general population

Question 4

niche market

Answer 4

sub-sect of main market that addresses a specialist need for a smaller group of consumers

Question 5

dynamic market

Answer 5

market that is subject to rapid change

Question 6

sales revenue

Answer 6

price x quantity sold

Question 7

market share

Answer 7

(sales of business/ totals sales of market) x 100

Question 8

product orientation

Answer 8

focuses on characteristics of product

Question 9

market orientation

Answer 9

focuses on needs and wants of consumers

Question 10

quantitative data

Answer 10

numerical data

Question 11

qualitative data

Answer 11

data based on opinion and thoughts

Question 12

primary research

Answer 12

research carried out yourself

Question 13

examples of primary research

Answer 13

• interviews
• surveys
• observations
• focus groups

Question 14

secondary research

Answer 14

analysis of data that already exists (not collected by you)

Question 15

example of secondary research

Answer 15

• purchasing market reports
• online research
• anthropometric data

Question 16

market segmentation

Answer 16

the process in which a single market is divided into submarket

Question 17

fixed costs

Answer 17

expenses that don’t change as production levels change

Question 18

fixed costs

Answer 18

expenses that don’t change as production levels change

Question 19

total revenue

Answer 19

total amount of money earned from selling a quantity of goods/services

Question 20

sales forecast

Answer 20

estimating the future revenue by predicting how much product/services will sell of the be t certain period of time