Starting a Business-Understanding Markets Flashcards
Demand
The amount of a product or service that consumers are willing and able to buy at any given price over a period of time.
The market
A place where buyers and sellers come together.
Market segmentation
The classification of customers or potential customers into groups or sub groups,each of which responds differently to different products or marketing approaches.
Segmentation analysis
Where a firm uses quantitative and qualitative data or information to try to discover the types of consumer who buy its products and why.
Market size
The volume of sales of a product or the value of sales of a product.
Market growth
The percentage change in sales over a period of time.
market share
The percentage or proportion of the total sales of a product or service achieved by a firm or specific brand of a product.
