Chapter 10

• Customer base: The group of customers a business sells its products to
• Market: all customers and consumers who have an interest in buying a product and have the financial resources to do so.
• Target market: individuals or organisations identified by a business as the customers or consumers of its product.
• Customer: An individual or business who buys goods and services from a business
• Consumer market: Markets for goods and services bought buy the final consumer.
• Industrial markets: markets for goods and services bought by other businesses to use in their production process.
• Business environment: the combination of internal and external factors that influence the operations of a business.
• Free trade: no barriers exist that might prevent trade between different countries
• Consumer: the final user of a product
• Niche marketing: developing products for a small segment of the market.
• Mass marketing: Selling the same product to the whole market
• Market segment: A part of the whole market in which customers have specific characteristics.
• Market segmentation: dividing the whole market into different segments by consumer characteristics and then targeting different products to each segment.
• geographic segmentation: dividing consumers in the market by geographic area.
• Demographic segmentation: dividing consumers in the market by factors such as age, gender, income, ethnic background.
• Psychographic segmentation: dividing consumers in the market by lifestyles such as personalities and attitudes