IGCSE BUSINESS STUDIES - MARKETING :VERIFIED QUESTIONS AND ANSWERS

IGCSE BUSINESS STUDIES - MARKETING :VERIFIED QUESTIONS AND ANSWERS Market A set of arrangements which allows buyers and sellers to communicate and trade in goods and services Market share The proportion of sales in a total market that a business or product enjoys Marketing Identifying customer needs and satisfying them profitably Marketing mix The key elements in a firm's marketing strategy commonly known as the 4Ps - product, price, promotion and place Market orientation Where a business focuses on the needs of consumers when developing products Marketing strategies A set of plans designed to achieve marketing objectives Product orientation Where a business focuses on the design and manufacture of the product itself rather than the needs of customers Market segment Part of a whole market where a particular customer group has similar characteristics Market segmentation The process of identifying groups of customers with similar traits so that they can be targeted with specific marketing strategies Mass market When a business sells the same product to all consumers and markets in the same way Niche market When a business chooses a specific market segment and targets them carefully with a tailored marketing mix Socio-economic groups