Business Terms

4. is a particular group of customers or potential customers that a company is trying to reach.
5. is an approach by companies that seeks to determine first what customers need and want, and then to make, design and deliver products or services based upon the customers’ needs and wants.
6. refers to the percentage of a given market that is controlled by a particular company or product.
9. is about identifying, anticipating and meeting the needs and wants of customers and society.
10. is an approach by companies that focuses attention and resources on the product that they produce, typically by making the product as high quality or as special as possible.
11. is a small part of a larger market. In niche markets, customers have very specialized needs or wants that are different from those of the larger market.

1. is any aspect of the organization, brand or product that enables differentiation from competitors in consumers’ minds.
2. is the process of dividing a broad market group into various segments
3. refers to the seven Ps of marketing: product, price, promotion, place, people, process and physical evidence.
5. is the increase in the number of consumers who buy a product or service.
7. is when a business seeks to identify its brand within a certain part of the market.
8. is a market for goods that are produced in very large quantities.