Business Terms

1. A market for goods that are produced in very large quantities. Less expensive
3. 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.
4. A small part of a larger market. More expensive
5. A business seeks to identify its brand within a certain part of the market.
7. Seven Ps of marketing: product, price, promotion, place, people, process and physical evidence.
9. The percentage of a given market that is controlled by a particular company or product.
10. A particular group of customers or potential customers that a company is trying to reach.
11. Any aspect of the organization, brand or product that enables differentiation from competitors in consumers’ minds.

2. The process of dividing a broad market group into various segments (age, interests, special needs, location, and so on).
5. 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.
6. The increase in the number of consumers who buy a product or service. It also refers to an increase in the number of products sold.
8. Identifying, anticipating and meeting the needs and wants of customers and society.