Any structure where buyers and sellers interact to engage goods, services or information at a given price
1 of 23
Niche markets
a smaller segment of a larger market where customers have specific needs and wants. Sale volumes tend to be lower
2 of 23
Mass markets
are the larger part of the market, where there are many similar products offered by competitors. Sale volumes tend to be high
3 of 23
Market size
indicated the potential sales for a firm within the overall market
4 of 23
Index numbers
figures reflecting price and quantity compared with a base value
5 of 23
Market share
explains how the overall market is split between the existing competitors
6 of 23
A stable market
where there is very little change to the products or services being offered over a long period of time COMMODITY
7 of 23
A dynamic market
where the place of change is rapid, requiring companies to change their products and services in order to survive TECHNOLOGY
8 of 23
Product innovation
launching new or improved products or services onto the market
9 of 23
Proccess innovation
finding better or more efficient ways of producing existing products or delivering existing services
10 of 23
Risk
the possibility that something could go wrong
11 of 23
Uncertainty
when something is unpredictable and exists outside of the businesses control
12 of 23
Market orientation
when a business puts consumer wants and needs at the forefront of their business operations
13 of 23
Product orientation
when a business will focus its efforts upon creating and developing a product that they feel the market needs, rather than considering the desires of the customer
14 of 23
Market research
gathering, recording and analyzing information about customers to identify opportunities and threats
15 of 23
Secondary research
to collect information from existing sources, an example would be from the internet or books
16 of 23
Primary research
information that someone investigates for themselves, an example could be from an interview
17 of 23
Qualitative data
based upon thoughts, opinions and feelings
18 of 23
Quantitative data
based on numbers, facts and statistics
19 of 23
Sample size
number of respondents surveyed. Bigger the sample the more accurate the data
20 of 23
Bias
when people are influenced and form a particular opinion about an issue. This can distort the results of market research if the sample includes disproportionate number of people with a similar mind-set
21 of 23
Data mining
a form of secondary research that involves analyzing all of the customer information held digitally by a business to uncover buying habits and trends
22 of 23
Market segmentation
the process of subdividing a market into consumers with similar needs or characteristics that are likely to exhibit similar purchasing behaviour
23 of 23
Other cards in this set
Card 2
Front
a smaller segment of a larger market where customers have specific needs and wants. Sale volumes tend to be lower
Back
Niche markets
Card 3
Front
are the larger part of the market, where there are many similar products offered by competitors. Sale volumes tend to be high
Back
Card 4
Front
indicated the potential sales for a firm within the overall market
Back
Card 5
Front
figures reflecting price and quantity compared with a base value
Comments
No comments have yet been made