1: Meeting Consumer Needs key definitions

Market Segment

a subsection of a larger market in which consumers share similar needs and wants

Niche market

a small segment of a larger market

PESTLE

Political, Economic, Social, Technological, Legal, Environmental - The major sources of external changes faced by a business

Primary research

new research conducted for a particular purpose

Quantitive Reasearch

research conducted on a large enough scale to provide statistically reliable data, usually aimed at discovering factual information about how customers behave

Market segmentation

discovering useful ways to split a market into different groups of consumers who share similar characteristics, wants and needs

Market positioning

deciding exactly what image you are trying to create for your product relative to its rivals

Product differentiation

attempting to make a product seem different in the minds of consumers, to any other rival in the market

Added value

the difference between the cost of bought-in goods and services and the selling price of a product