1.1 meeting customer needs

Market share

The proportion of a market held by individual competitors in the market

Niche market

Targeting a product or service at a small segment of a larger market

Mass market

Aiming a product or service at all of the market

Dynamic market

Markets that are subject to rapid change

Market research

Systematic and objective collection, analysis and evaluation of information that is intended to assist the marketing process

Product orientation

Business develops products based on what it is good at doing

Marketing orientation

Business responds to customer needs and wants

Primary research

Company carries out direct research

Secondary research

Data from elsewhere

Sample

Getting opinions from a small group of people to work out the rest of the population

Bias

Favouritism towards a group

Market segmentation

The classification of customers or potential customers into groups/subgroups

Market mapping

A technique that analyses markets by looking at the features that distinguish different products

Competitive advantage of a product /service

An advantage that enables businesses to perform better than its rivals in the market