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Refers to an increase in the size of a market, usually measured by the rise in total sales revenue of the market or industry.
What is market growth?
These are human desires, i.e., things that people would like to have, or have more of.
What are wants?
The process of distinguishing an organization’s products from those of other firms in the same industry.
What is differentiation?
An exclusive feature or aspect of a business, its products or brands that makes it distinct from others in the same industry.
What is USP (unique selling point)?
Irregular, erratic, or unexpected fluctuations in sales revenues, caused by unexpected and unpredictable factors.
What are random variations?
Refers to the business with the largest market share in a given industry.
What is market leader?
Refers to the quantity of sales of a particular business.
What is sales volume?
The key elements of a marketing strategy to ensure its success in meeting the needs and wants of the organization’s customers and the firm’s marketing objectives.
What is the marketing mix?
The recurring fluctuations in sales revenues due to the trade cycle (or business cycle).
What are cyclical variations?
A method of primary research that involves forming small discussion groups to gain insight into the attitudes and behaviour of respondents. The group is typically made up of participants who share a similar customer profile.
What is a focus group?
Refers to the sales revenue that an organization accounts for within a given market or industry. It is measured by expressing the firm’s sales revenue as a percentage of the whole industry’s sales revenue.
What is market share?
These are the things people required in order to survive, e.g., food, water, and shelter.
What are needs?
Marketing approach that focuses on supplying highly specialised products to cater for a small and select target market.
What are niche markets?
A forecasting technique that identifies the trend from using past data and then extending this trend line to predict future sales.
What is extrapolation?
This approach to market research involves getting non-numerical responses from research participants in order to understand their behaviour, attitudes, and opinions.
What is qualitative market research?
This is an approach to marketing that focuses on making products a business knows how to make well, rather than primarily concentrating on the needs and desires of potential customers.
What is product orientation?
Goods or services that are those perceived by customers to be of high quality but sold at a low price.
What are bargain products?
Also known as a perception map, this is a graphical illustration of customer perceptions of a business, its products, and/or brands in comparison to other firms in the industry.
What is a product position map?
A quantitative technique used to predict a firm’s level of sales revenue over a given time period.
What is a time series analysis?
This approach to market research is about collecting and using factual and measurable information rather than people’s perceptions and opinions.
What is quantitative market research?
Refers to a firm's income from selling its goods and/or services, i.e., the value of its sales.
What is sales revenue?
Goods or services that are perceived by customers to be of low quality but high price.
What are Cowboy products?
The group of customers that an organization focuses on selling its products to.
What is target market?
The marketing process that involves characterising consumers according to their different geographical locations.
What is geographic segmentation?
Foreseeable periodic fluctuations in sales revenues over a known period of time, such as certain months or times of the year.
What are seasonal variations?