business theme 1.1

• Market


  A set of arrangements that allows buyers and sellers to communicate and trade in a particular range of goods and services
• Market share


  The proportion of total sales in a particular market for which one or more businesses or brands are responsible. It is expressed as a percentage and can be calculated by value or volume.
• Mass market


  A very large market in which products with mass appeal are targeted
• Niche market


  A smaller market, usually within a large market or industry
• Database


  An organised collection of data stored electronically with instant access, searching and sorting facilities
• Focus groups


  Where a number of customers are invited to attend a discussion about a product led by market researchers
• Market research


  The collection, presentation and analysis of information relating to the marketing and consumption of goods and services
• Market orientation


  An approach to business which places the needs of consumers at the centre of the decision-making process
• Product orientation


  An approach to business which places the emphasis upon the production process and the product itself
• Test marketing


  Launching a product in one store, monitoring sales and then rolling out to others if successful.
• Market segment


  Part of a whole market where a particular customer group has similar characteristics
• Primary research or field research


  The gathering of 'new' information which does not already exist
• Qualitative research


  The collection of data about attitudes, beliefs and intentions
• Quantitative research


  The collection of data that can be quantified
• Respondent


  A person or organisation that answers questions in a survey
• Sample


  A small group of people who must represent a proportion of a total market when carrying out market research
• Secondary research


  The collection of data that is already in existence (also known as desk research). Examples include census, Mintel reports and trade publications.
• Socio-economic groups


  Division of people according to social class
• Added value


  Being able to sell a product for more than the sum of it's parts. Ways of doing this include branding and expertise in production.
• Competitive advantage


  An advantage that enables a business to perform better than its rivals in the market
• Market map


  Typically a 2d diagram that shows two of the attributes or characteristics of a brand and those of rival brands in the market
• Market positioning

  The view consumers have about the quality, value for money and image of a product in relation to those of competitors
• Product differentiation


  An attempt by a business to distinguish its product from those of competitors
• USP


  The aspect or feature of a product that clearly distinguishes it from its rivals
• Dynamic market


  A fast moving market in which trends change often.
• Loyalty cards


  Cards encouraging customers to return to gain discounts, vouchers, etc. May also gather useful information on your customers spending habits.
• Risk


  Factors that are not expected but can be quantified and planned for.
• Uncertainty


  Being unsure about the future.
• Bias


  Where the findings do not reflect the true views of the target audience.