AQA AS BUSS 1 key terms for Understanding Markets Watch
Demand: The amount of a product or service that consumers are willing and able to buy at any given price over a period of time
Market Segmentation: the classification of customers or potential customers into groups or sub groups (market segment), each of which responds differently to different products or market approaches
Segmentation analysis: where a firm uses quantitative and qualitative data or information to try to discover the types of consumer who buy its products and why.
Market size: the volume of sales of a product or the value of sales of a product.
Market growth: the percentage change in sales over a period of time
Market share: the percentage or proportion of the total sales of a product or service achieved by a firm or specific brand of a product.
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