4.2 The market

Understand how marketing satisfies customer needs, builds relationships and loyalty, and uses market or product orientation, market-share calculation and analysis, and niche or mass marketing.

Responding to changes in the market:

• changing customer needs
• changing customer/consumer spending patterns
• increased competition.

How businesses use market segmentation to target customers:

• identifying market segments:
  • location
  • demographics
  • lifestyle
  • income
  • age.