Unit 3 Flash cards

Front

What is the definition of a customer?

Back

A person, business, or other organization which buys goods or services from a business.

Front

What is customer loyalty?

Back

Existing customers continually buy products from the same business.

Front

What is market share?

Back

The percentage of total market sales held by one business.

Front

What is niche market?

Back

a small, usually specialised, segment of a much larger market.

Front

What is Market segmentation?

Back

identifiable sub-group of a whole market in which consumers have similar characteristics or preferences.

Front

Product oriented business

Back

business is one whose main focus of activity is on the product itself.

Front

What is primary research?

Back

the collection and collation of original data via direct contact with potential or existing customers. (Also called field research.)

Front

What is market oriented business?

Back

business is one which carries out market research to find out consumer wants before a product is developed and produced

Front

What is random sample?

Back

when people are selected at random as a source of information for market research

Front

What is a consumer goods?

Back

goods which are bought by consumers for their own use.