1.1.1 The Market

• What is a market defined as in business terms?

  Trade goods or services
• Understanding the market helps businesses identify customer preferences and tailor their products or services accordingly.
• Understanding the market helps businesses identify preferences
• What is the definition of market size?

  Total value of sales
• Market share is measured as a percentage
• Match the market type with its description:

  Consumer Markets ↔️ Goods for personal use

  Industrial Markets ↔️ Products for business use

  Service Markets ↔️ Intangible offerings

  Global Markets ↔️ Operate internationally
• Arrange the market types from most customer-focused to most globally oriented:

  1️⃣ Service Markets

  2️⃣ Consumer Markets

  3️⃣ Industrial Markets

  4️⃣ Global Markets
• Market segmentation aims to divide a market into distinct groups based on common characteristics.
• One key benefit of market segmentation is improved targeting
• What are the four main criteria used for market segmentation?

  Demographic, geographic, psychographic, behavioral
• Analyzing market trends and the competitive landscape helps businesses inform strategic decisions.