What is a market?
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What is a market?
A market is any place where buyers and sellers meet to conclude a transaction.
What is the aim of marketing?
The aim of marketing is to help identify, anticipate, and satisfy consumer needs and wants profitably.
What are needs?
Needs are considered to be essential, such as shelter or food.
Define the term wants.
Wants are desires which are non-essential, even if consumers consider them to be essential, such as designer trainers or foreign holidays.
Define the term product orientation.
Product orientation is an approach to marketing that focuses on the characteristics of the product rather than the needs of the consumer.
Define the term market orientation.
Market orientation is an approach to marketing that focuses on the needs of consumers, using this information to design products that meet their needs.
Define the term niche market.
Niche markets are where products are aimed at a clearly-defined subset of the larger market.
Define the term mass market.
A mass market is one where products are aimed at broad market segments.
What is a market segment?
A market segment is a group of consumers who share similar characteristics, such as age, lifestyle, or income.
True or False?
Niche markets typically have low average costs due to large-scale production.
False.
Niche markets typically have high average costs due to small-scale production.
Why do niche markets rarely remain small?
Profitable niche markets rarely remain small for long as their potential attracts competition which increases sales volumes.