Marketing, Competition & the Customer

Question 1

Marketing

Answer 1

Is identifying customer wants and satisfying them profitably.

Question 2

Customer

Answer 2

Is a person, business or other organisation which buys goods or service from a business.

Question 3

Customer Loyalty

Answer 3

Is when existing customers continually buy products from the same business.

Question 4

Customer Relationships

Answer 4

Is communicating with customers encourage them to become loyal to the business and its products.

Question 5

Market Share

Answer 5

Is the percentage of total market sales by one brand or business.

Question 6

Consumer

Answer 6

Buys goods or services for personal use - not to re- sell

Question 7

Mass Market

Answer 7

A mass market is a large, broad consumer market where products or services are designed to appeal to a wide audience rather than a specific niche.

Question 8

Niche Market

Answer 8

A niche market is a small, specialized segment of a larger market that caters to specific customer needs and preferences.

Question 9

Market Segment

Answer 9

A market segment is a group of consumers within a market who share similar characteristics, needs, or preferences.

Question 10

What are the 4 types of Market Segment

Answer 10

Demographic – Based on age, gender, income, education, etc.

Geographic – Based on location, such as country, city, or climate.

Psychographic – Based on lifestyle, values, interests, and personality.

Behavioral – Based on purchasing behavior, brand loyalty, and usage patterns.