1.1 Meeting customer needs

Define market

A place where buyers and sellers can meet

Define marking

Helping identify, anticipate and satisfy consumer needs and wants profitably

Define market research

Systematically gathering data to use in influencing business decisions

Define mass markets

Products aimed at broad market segments

Define niche markets

Products aimed at subsets of a larger market

Define market share

Proportion of total sales a business makes in a market

Define market size

Number of products or financial value of a market

Define brand

Name, logo or image which helps identify a product or service from it’s competitors

Define adding value

Increasing price a consumer is willing to pay

Define dynamic market

A market subject to rapid or continuous changes

Define product innovation

Adaptation or improvement of existing products

Define process innovation

Adapting or improving existing processes

Define market growth

Measure of change in an entire market

Define risk

Potential threats to business success

Define uncertainty

When outcomes are difficult to predict

Define product orientation

Focus on characteristics of a product

Define market orientation

Focus on needs of consumers

Define primary research

Gathering information directly from consumers

Define secondary research

Collecting data that already exists

Define market segmentation

Dividing a market into submarkets

Define market positioning

A process businesses go through when launching a new product or service

Define market mapping

A tool for identifying the position of a product within a market

Define market map

A two-dimensional diagram showing attributes of a product in comparison to rivals

Define competitive advantage

A feature of a business that’s perceived as superior to its rivals by consumers

Define distinctive

Different from competitors

Define defensible

Businesses can prevent competitors from copying it