business key words

Question 1

marketing

Answer 1

turning a concept into something for the customer

Question 2

what are markets

Answer 2

places you buy and sell goods or services. can be face to face or via internet/telephone

Question 3

define market segment

Answer 3

people in a market with similar buying habbits

Question 4

define niche market

Answer 4

when a market (product) is aimed at a specific, smaller group of people from the mass market

Question 5

define mass market

Answer 5

a market (product) that is aimed at everyone

Question 6

dynamic market

Answer 6

one that is subject to rapid or continuous changes

Question 7

product orientation

Answer 7

basing your product on what the business wants rather than what the customer wants

Question 8

market orientation

Answer 8

basing product on what the customer wants i.e. introducing personalisation

Question 9

market objective

Answer 9

marketing target that an organisation hopes to achieve

Question 10

market strategy

Answer 10

medium to long term plan

how to achieve marketing objectives