1.1 meeting customer needs

Brand Name

A name, term, sign, symbol, design or any other feature that allows consumers to identify the goods and services of a business and to differentiate them from those of competitors

E-commerce

Conducting business transactions online

Online retailing

The retailing of goods online

Market

A set of arrangements that allows buyers and sellers to communicate and trade in a particular range of goods or services

Marketing

A management process involved in identifying, anticipating and satisfying consumer requirements profitably

Market Share

The proportion of total sales in a particular market for which one or more businesses or brands are responsible. It is expressed as a percentage and can be calculated by value or volume

Mass market

A very large market in which products with mass appeal are targeted

Niche market

A smaller market, usually within a large market or industry

Consumer panels

Groups of customers are asked for feedback about products over a period of time

Database

An organised collection of data stored electronically with instant access, searching and sorting facilities

Focus groups

Where a number of customers are invited to attend a discussion about a product led by market researchers

Market orientation

An approach to business which places the needs of consumers at the centre of the decision marking process

Market research

The collection, presentation and analysis of information relating to the marketing and consumption of goods and services

Market segment

Part of a whole market where a particular customer group has similar characteristics

Primary research

The gathering of ‘new’ information which doesn’t already exist

Product orientation

An approach to business which places the emphasis upon the production process and the product itself

Qualitative research

The collection of data about attitudes, beliefs and intentions

Quantitative data

The collection of data that can be quantified

Respondent

A person or organisation that answers questions in a survey

Sample

A small group of people who must represent a proportion of a total market when carrying out market research

Secondary research

The collection of data that’s already in existence

Socio-economic groups

Division of people according to social class