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What is a niche market
the smallest segment of a larger market, where customers have specific needs and wants
What is a mass market
largest part of the market, where customer needs and wants are less specific and products has an universal appeal
What is market size
the overall size(value/volume) or demand for a specific market
What is market growth
the percentage rate of growth in market size over a period
What is market share
sales in a business/overall sales in the market x 100
what is a brand
a name, logo or image that can be easily distinguished from competitors
What is competitive advantage
the ability of a business to add more value for its customers than its rivals
What is dynamic markets
a market that is subject to rapid or continuous change
What is one key source to change
customers taste and preferences
what is innovation
putting new ideas/designs into action
what is product innovation
launching new or improved products onto the market
what is process innovation
finding better or new ways of producing new products
What is one benefit of product Innovation
added value
What is one benefit of process innovation
reduced costs
What is a risk
the possibility that things will go wrong
What is an uncertainty
the unpredictable and uncontrollable events that affect business
What is product orientation
business develops products based on what it is good at doing
What is market orientation
business responds to customer needs and wants
What is primary research
data collected first-hand for a specific reason
What is one benefit of primary research
directly focused to research objectives
What is one negative of primary research
time-consuming
What is secondary research
data that already exists and collected for a different purpose
what is one benefit of secondary research
quick and easy to collect
what is one negative of secondary research
data may be out-of-date
what is one benefit of qualitative research
understanding customer needs and wants
what is one negative of qualitative research
expensive
what is one benefit of quantitative research
data relatively easy to analyse
what is one negative of quantitive research
lack reliability
what is market segmentation
involves dividing a market into parts that effect different needs and wants
what are the four categories of market segmentation
income, geographical, demographic, behavioural
what is one benefit of market segmentation
helps with new product development
what is one negative of market segmentation
markets are increasingly dynamic
what is market positioning
refers to the process a business goes through when launching a new product or service
what is market mapping
a tool for identifying the position of a product within a market
what is one benefit of market mapping
helps spot gaps in the market
what is one negative of market mapping
not a guarantee of success
what is product differentiation
an attempt by a business to distinguish its products from competitors
what is added value
the difference between the selling price and the cost of inputs
what is one method of adding value
product differentiation
what is demand
refers to the number of goods/services customers are willing to buy at a given price