Sec.3: U.10-11

How is Market Share calculated?

• (Total market sales / Sales of business) * 100

• (Sales of business / Total market sales) * 100

• (Total market sales - Sales of business) * 100

• (Sales of business - Total market sales) * 100

What does Customer Loyalty refer to?

• The number of sales of a product

• The proportion of market sales held by a brand

• The willingness of customers to continue to buy the same product from the same business

• Communication with customers to encourage them to become loyal

What is the primary goal of Customer Relationships?

• To identify a sub-group of a market

• To calculate the market share

• To encourage customers to become loyal to the business and its products

• To meet the needs of customers

What best describes a Mass Market?

• A market with a very limited number of sales

• A market where there is a large number of sales of a product

• A small, specialized segment of a market

• A market divided into several identifiable segments

What is a Niche Market?

• A market with the largest number of sales

• A market with no specialized segments

• A small specialized segment of a large market

• The entire market without subdivisions

What is a Market Segment?

• A small specialized segment with no specific characteristics

• Identifiable sub-group of a whole market with similar characteristics or preferences

• A large segment of the market that represents the majority

• The proportion (%) of total market sales held by one brand or business

What does Market Research involve?

• Developing a product based on the market orientation

• Collecting original data through field research

• Gathering, analyzing, and interpreting information about a market

• Focusing on the product, not the market

What is a Market Orientated approach?

• A method where the business focuses solely on the product

• Conducting market research to understand consumer needs before product development

• Selecting a group of people to respond to a research survey

• Gathering information from a representative group of the target market

What is a Market Orientated approach?

• A business that prioritizes market research over product development

• A business that selects a particular group for research

• A business that focuses on the product itself, not the market for it

• A business that relies on secondary research for product development

What is Primary Research?

• Analyzing information that has already been collected

• Collection of original data, also known as desk research

• Gathering information from a group discussion

• Collection of original data, also known as field research