1.1- Meeting customers needs

• A niche market is a small market that is specialised and targeted towards a specific group of people
• A mass market is a large market that has a wide customer range including a diverse group of people
• market share is the sales of a product/business divided by the total market sales x 100
• market size is the total demand or potential number of customers in a specific market
• dynamic market is a market that is constantly changing and evolving, with new products and services being introduced due to consumer preferences, technology and competition
• Markets can grow or change due to innovation, competition and shifts in consumer behaviour
• The benefits of operating in a niche market is there's less competition, its a very specific market meaning you can develop specific expertise, higher profit margins and customer loyalties
• The disadvantages of a niche market is that there's no economies of scale and it has a undiverse product portfoilo
• Benefits of mass markets is having more customers, benefitting from economies of scale and you can build a stronger market presence
• Disadvantages of mass markets is that there are higher levels of competition and lower profit margins
• Risk is when a business has a chance of failing and uncertainty is when its unable to see the future
• Market orientation is when a business identifies the wants and needs of customers and creates products based of what satisfies them
• Product orientation is a business develops products based of what its specialised to do
• Primary research is first hand information gathered by the researcher through asking questions
• A Limitation of primary research is that it can be expensive and time consuming
• Secondary research is data that has already been collected and has been made available to the researcher
• A limitation of secondary research is that it might be outdated and may not relate to your business
• Technology can be used to gain market research business can conduct online surveys to customer so that they can gain valuable feedback
• Market segmentation is the process of dividing customers into groups based of age, gender and income
• The market mix is the combination of price, product, place, and promotion.
• Market mapping is identifying a gap in the market by looking at what competitors offer
• A competitive advantage is a advantage that a business has over its competitors to generate more sales and profits
• A business can add value by innovating their products, creating a USP, improving quality or changing branding or packaging
• Business differentiate their products so that they can be easily identified and recognised by customers.
• Three things that a business researches is Demand, Competition and Target Market