Key Term Definitions - LO1

Define the term 'market'

• A particular group of customers at which a good or service is aimed.

• The ability of a business to keep customers coming back.

• The division of a market into groups or segments.

• A place where buyers and sellers come together to trade goods and services.

Define the term 'market segmentation'

• A particular group of customers at which a good or service is aimed.

• The ability of a business to keep customers coming back.

• The division of a market into groups or segments.

• A place where buyers and sellers come together to trade goods and services.

Define the term 'target market'

• A particular group of customers at which a good or service is aimed.

• The ability of a business to keep customers coming back.

• The division of a market into groups or segments.

• A place where buyers and sellers come together to trade goods and services.

Define what is meant by 'customer retention'

• A particular group of customers at which a good or service is aimed.

• The ability of a business to keep customers coming back.

• The division of a market into groups or segments.

• A place where buyers and sellers come together to trade goods and services.

Define the term 'market share'

• Using data from other existing sources.

• How a business gathers information about customers’ needs and wants.

• The section of a market controlled by a particular business.

• Using data that does not already exist and is tailored to fit the businesses research needs.

Define the term 'market research'

• Using data from other existing sources.

• How a business gathers information about customers’ needs and wants.

• The section of a market controlled by a particular business.

• Using data that does not already exist and is tailored to fit the businesses research needs.

Define what is meant by 'primary research'

• Using data from other existing sources.

• How a business gathers information about customers’ needs and wants.

• The section of a market controlled by a particular business.

• Using data that does not already exist and is tailored to fit the businesses research needs.

Define what is meant by 'secondary research'

• Using data from other existing sources.

• How a business gathers information about customers’ needs and wants.

• The section of a market controlled by a particular business.

• Using data that does not already exist and is tailored to fit the businesses research needs.

Define what is meant by 'quantitative data'

• States the opinions of individuals and is usually represented in a report.

• Fact based and statistical and can be represented in graphs or charts.

• When a business asks for the opinions of its customers so that the business can continue to produce the product or service that the customers need and want.

Define what is meant by 'qualitative data'

• States the opinions of individuals and is usually represented in a report.

• Fact based and statistical and can be represented in graphs or charts.

• When a business asks for the opinions of its customers so that the business can continue to produce the product or service that the customers need and want.