U4 key terms

What is the definition of market size?

• The total number of items sold or the total value of sales.

• The percentage of sales a business has in the market.

• The process of splitting a market into distinct consumer groups.

• A visual representation of customers’ perception of a product.

Which term describes the firms with the largest market share in a particular industry?

• Market segmentation

• Market leaders

• Niche marketing

• Mass marketing

What is market segmentation?

• The process of collecting and analyzing data about consumers.

• The practice of devising marketing strategies for different market segments.

• The process of splitting a market into distinct consumer groups.

• A marketing strategy aimed at all consumers in a market.

What does a position map represent?

• A group of people selected to represent the population.

• A visual representation of customers’ perception of a product relative to its competitors.

• The collection and interpretation of existing data.

• The process of making a business distinct from others.

a marketing strategy based on identifying and serving a relatively small and specific target market.

• Niche marketing

• Mass marketing

Which of the following is a unique selling point (USP)?

• A visual representation of a product's perception.

• A positive feature that makes a product distinctive from competitors.

• The process of splitting a market into consumer groups.

• The collection of consumer opinions and attitudes.

The collection, analysis, and  interpretation of data about  consumer opinions, attitudes,  or beliefs

• Qualitative research

• Quantitative research

What is the purpose of market research?

• To create a visual representation of a product's perception.

• To aid businesses in their marketing planning and strategies.

• To identify and serve a small and specific target market.

• To differentiate a business from others in the market.

The collection, collation, and interpretation of existing data and information from previously available sources, such as market analyses, academic journals, government publications, media articles, and online content.

• Primary market research

• Secondary market research

What is a sample in market research?

• A visual representation of a product's perception.

• A group of people selected to represent the population as a whole.

• The process of collecting new data about a specific issue.

• A strategy aimed at all consumers in a market.