Unit 1 Key terms

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1. Market research?

  • The share of the total market.
  • The process of dividing market into smaller sections.
  • The process of planning, collecting and analysing data relevant to help make marketing decisions.
  • Value or quantity of demand.
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2. Market growth?

  • The process of dividing market into smaller sections.
  • The share of the total market.
  • The percentage growth in the size of the market, measured over a specific period.
  • Planning, collecting and analysing the data.

3. Market?

  • The process of dividing a market into smaller sections.
  • The share of the total market.
  • Any place (e.g. physical, electronic) where buyers and sellers come together with a view to exchanging transactions.
  • Planning, collecting and analysing data.

4. Market share?

  • The process of planning and collecting information.
  • The share of the total market that is owned by a particular business, product and band. Expressed in percentage terms.
  • The process of dividing the market.
  • Value or quantity of demand.

5. Market segmentation?

  • The share of the total market.
  • The process of planning and collecting information.
  • The process of dividing a market into smaller sections (segments) which contain customers with similar needs and wants.
  • Value or quantity of demand.
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