1.1 KEY TERM

Question 1

Market segmentation

Answer 1

Dividing market into demographics

Question 2

Mass marketing

Answer 2

aimed at general population, prod and serv sold to all customer in same way

Question 3

S and L of mass marketing

Answer 3

S benefit from eos and high revenue

L- inc comp, not flexible to change due to high volume of production

Question 4

Niche marketing

Answer 4

section of the market that has specialist need or desire

Question 5

S and L of niche marketing

Answer 5

S- charge premium price and flexible due to small scale production

L- demand may not be constant and cant benefit from eos

Question 6

Market shate

Answer 6

bus total sales in relation to overall sales of an industry

(Sales of x/total sales in market x 100)

Question 7

S and L of online retailing

Answer 7

S- 24/7 sales inc rev, access to more market

L- cust cant theatrically touch etc put them off, comp can see price and activity

Question 8

Market research

Answer 8

gathering info about consumers, comp and distributors within a business target market

Question 9

Product orientation

Answer 9

Product most important factor when providing for market

Question 10

Market orientatiion

Answer 10

cust most important factor when providing goods for market

Question 11

S and L of primary research

Answer 11

S- specific customised and up to date info

L- time consuming and bias

Question 12

S and L of secondary research

Answer 12

S- low cost and wide availability

L- may be obselete and not tailored to own needs

Question 13

Market positioning

Answer 13

defines by customers

-where consumers place a product in their mind in comparison to competitors

Question 14

Market mapping

Answer 14

range of positions a product cam sit on in a market based on 2 dimensions

Question 15

S and L of market mapping

Answer 15

S- spot a gap in the market

L- may be a gap but may not be demand

Question 16

Competitive advantage

Answer 16

customers choose a product based on the benefit the product offers them

Question 17

Product differentiation

Answer 17

Business distinguishes a product or service from similar ones

Question 18

S of product differentiation

Answer 18

can build a brand and add value

Question 19

Unique selling point

Answer 19

something that sets a product apart from comp in eyes of customer

Question 20

added value

Answer 20

difference between price of a product and cost of making it

Question 21

S of added value

Answer 21

charger higher price and create differentiation with comp