Businesses and their Customers

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Socio-Economic Groups
A method of dividing up the population based on the occupation of the head of the household.
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Mass Market
Making a product or providing a service aimed at a large number of customers.
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Niche Market
A small market for a specialised product.
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Product-Oriented
Where a business analyses the market and consumers’ needs for a product before starting production.
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Market Segmentation
How the market for a product or service is divided – e.g. by age or gender.
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Targeting
When a business aims a product or service at a particular group of consumers it is said to be targeting that group.
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Disposable Income
The amount of money a consumer has to spend after paying essential bills.
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Test Market
Where a business tests its product in order to see whether consumers will buy it.
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Market Research
The collection of data on customer habits to help decision-making in marketing.
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Primary Research
Data collected first-hand, often in the form of surveys. Sometimes referred to as field research.
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Secondary Research
The collection of data using research or information provided by others, such as magazines, journals and the internet. Often called desk research.
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Surveys
Primary research data collected in the form of questionnaires and interviews.
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Questionnaires
A question sheet filled in by the consumer.
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Interview
A question sheet filled in by the person conducting the interview.
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Consumer Panels
Groups of consumers who are paid to comment on products and services. They are often kept by a business to act as a permanent method of testing their products.
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Target Market
The group of customers to whom a business aims to sell its products. The target market may be other businesses as well as consumers.
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Sampling
The method of choosing a group of customers to represent the views of the target market for a product or service.
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Random Sampling
Choosing a sample for market research where each customer has an equal chance of being asked. A true random sample is often difficult to achieve, and is not used as much as quota sampling.
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Quota Sampling
A method of choosing a sample that represents the target market. If females buy 80% of a product, then there should be 4 females questioned to every male in a quota sample.
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SWOT analysis
The process of a business looking at its performance against others, examining strengths, weaknesses, opportunities and threats.
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Marketing Mix
The parts that make up the marketing for a product or service. Often limited to the 4Ps but can also include other features.
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The 4 Ps of the Marketing Mix
Price, product, place and promotion.
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Ethical Behaviour
A term used to describe a business when it behaves in a fair and morally correct way.
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Competitor Pricing
Setting a price based on price charged by competitor businesses for a similar product.
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‘Cost Plus’ Pricing
‘Cost Plus’ Pricing
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Card 2

Front

Making a product or providing a service aimed at a large number of customers.

Back

Mass Market

Card 3

Front

A small market for a specialised product.

Back

Preview of the back of card 3

Card 4

Front

Where a business analyses the market and consumers’ needs for a product before starting production.

Back

Preview of the back of card 4

Card 5

Front

How the market for a product or service is divided – e.g. by age or gender.

Back

Preview of the back of card 5
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