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Business Studies IGCSEPDF 15
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● Customer relationships:
Communicating and engaging with customers to encourage loyalty and repeat
purchases.
● Market:
All potential customers and sellers of a particular good or service.
● Market share:
The percentage of total market sales held by one brand or business.
● Mass market:
A large market where products are sold to many customers with similar needs.
● Niche market:
A small and specialised segment of a larger market, focused on a specific group
of consumers.
● Market segment:
A sub-group of a whole market in which consumers share similar characteristics
or preferences.
● Market segmentation:
Dividing the market into groups of consumers with similar needs or
characteristics.
● Market research:
The process of gathering, analysing, and interpreting information about a
market.
● Primary research (field research):
The collection of new and original data directly from potential or existing
customers.
● Secondary research (desk research):
Using data that has already been collected and published by others.
● Questionnaire:
A set of written questions used to collect data from respondents.
● Interview:
A direct, often face-to-face or telephone discussion to collect detailed
information.
● Online survey:
A questionnaire conducted over the internet to gather data from respondents.
● Focus group:
A small group of people representing the target market who discuss opinions
about a product or service.
● Sample:
A group of people selected to provide information for market research.