Developing New Business Ideas for As Level Key Terms

1. implies that the business will focus its efforts on creating the product rather than responding to market preferences (7, 11)
4. involves collecting data from a group of people who will be representative of the target market or the population as a whole (8)
5. is shown by the percentage of the market that the individual business sells to (6, 5)
9. is an increase in the size of a market (6, 6)

2. A sample in which everyone has an equal chance of being selected. (6, 6)
3. applies to a business that is aiming its product at the largest part of the market (4, 9)
6. is measured either by the total value or the total volume of goods sold in the market (6, 4)
7. means deliberately targeting a small group of customers, within a larger market, who share the same characteristics or needs (5, 9)
8. occurs when information collected from a sample does not accurately reflect variations in the total population. (4)
10. involves dividing the target market into groups according to their consumer characteristics (5, 6)

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