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16 Cards in this Set

  • Front
  • Back

The Market

A place where buyers and sellers come together.
Geographical Classification
The geographical area targeted by business organisations.
The area can be:
Physical and Non-Physical markets
Based on the way products are bought and sold
eg, Physical markets -> there is an actual place where buyers and sellers meet: shop
Non-physical -> Telephone sales, Internet shopping
The amount of a product or service that consumers are willing and able to buy at any given price over a peroid of time.
Influencing factors for the demand on a product
Income and welth of consumers
Tastes and fashion
Price of other goods
Marketing and Advertising
Competitor' actions
Seasonal Factors
Government actions
Market Segmentation
The classification of customers or potenial customers into groups or sub-groups, each of which responds differently to different products or marketing approches.
Types of Market Segmentation
Demographic and Geographic segmentation
are the two main types of segmentation
Forms of Demographic segmentation
Social class
Forms of Geographical segmentation
There are major differences in tastes based on geographical figures : Rambling, surfing, theatre visits and night clubs. These are influenced by theplace where someone lives.
Benefits of market segmetation
Increse market share
Assits new product development
Extend products into new markets
Identify ways of marketing a new product
Drawbacks of market segmentation
Hard identifying most important segment for a product
Reaching the chosen segment with marketing
Recognising changes in segments intrested in the product
Meeting needs of customers not in chosen segment
Marketing mapping
This is a technique that uses market segmentation to look at features which distinguish different products or firms
Market Size
The volume of sales of a product or the value of sales of a product.
Market Growth
The percentage change in sales over a peroid of time
Factors influencing market growth
Economic growth
The nature of the product
Changes in taste
Social changes
Market Share
The percentage or proportion of the total sales of a product or service achieved by a firm or a specific brand of a product