Theme 1.1 Flashcards
Characteristics of mass market
Products appeal to wide range of customers
Products available through range of markets
Characteristics of a niche market
Less competition
Often charge premium prices
Brand
unique feature of a business distinguishes product from competitors
Dynamic markets
Demand supply and prices are constantly changing
Online retailing
Process of buying and selling goods and services over Internet
characteristics of online retailing
Increase selling power of suppliers
Offer great convenience to the customer
Product orientation
Inward looking approach to new product key focuses on the products
Market orientation
Outward looking approach new product development key focus is on consumer wants
Market research
Action and analysis of data to inform a business about its market
Quantitive research
Numerical data to inform Business about human behaviour
Qualitative research
Non-numerical information gives the business insight into human behaviour
Limitations of market research
Accuracy of research findings
Past data- not fair indication of future
ICT
Collection and analysis of research data
Market segmentation
Splitting the marking to some groups of consumers with similar characteristics
Market positioning
Product is placed in the market relative to its competitors achieved by changing elements of marketing mix
