U4 key terms

Front

What is the definition of market size?

Back

The total number of items sold or the total value of sales.

Front

Which term describes the firms with the largest market share in a particular industry?

Back

Market leaders

Front

What is market segmentation?

Back

The process of splitting a market into distinct consumer groups.

Front

What does a position map represent?

Back

A visual representation of customers’ perception of a product relative to its competitors.

Front

a marketing strategy based on identifying and serving a relatively small and specific target market.

Back

Niche marketing

Front

Which of the following is a unique selling point (USP)? A positive feature that makes a product distinctive from competitors.

Back

A positive feature that makes a product distinctive from competitors.

Front

The collection, analysis, and interpretation of data about consumer opinions, attitudes, or beliefs

Back

Qualitative research

Front

What is the purpose of market research?

Back

To aid businesses in their marketing planning and strategies.

Front

The collection, collation, and interpretation of existing data and information from previously available sources, such as market analyses, academic journals, government publications, media articles, and online content.

Back

Secondary market research

Front

What is a sample in market research?

Back

A group of people selected to represent the population as a whole.