Markets Are...
Where buyers and sellers meet to exchange goods and service.
Paying a percentage of the sales revenue generated by a business or product.
The person who ultimately uses (or consumes) a product.
A Market Segment is...
Part of a market that contains a group of buyers with similar buying habits, such as age or income.
A diagram that shows the range of possible positions for two features of a product, such as low to high price and low to high quality.
What is Effective Demand?
Data that can be expressed as numbers and can be statistically analysed
Demand backed by the ability to pay
A group of similar products made by a business like a number of different soap powders.
Price Sensitive is when...
a price is very important in the decision about whether or not to buy.
a percentage of the sales revenue generated by a business or product.
a group of people are brought together to answer questions and discuss a product, brand or issue.
What are Royalties?
The right given by one business to another to sell goods or services using its name.
