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What is the definition of a customer?

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

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What is customer loyalty?

Back

Existing customers continually buy products from the same business.

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What is market share?

Back

The percentage of total market sales held by one business.

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What is niche market?

Back

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

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What is Market segmentation?

Back

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

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Product oriented business

Back

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

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What is primary research?

Back

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

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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

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What is random sample?

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

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What is a consumer goods?

Back

goods which are bought by consumers for their own use.