Archives: Terms

Definition of Market Share Market share refers to the percentage of total sales or total industry revenue that a company captures within a specific market or industry. It is a measure of a company’s position within the market relative to its competitors. A higher market share indicates that the company […]

Definition of Market Segmentation Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers with similar characteristics, needs, and preferences. This strategy enables companies to tailor their products, marketing campaigns, and distribution channels to meet the specific needs of these distinct segments and […]

Definition of Market Saturation Market saturation occurs when the demand for a product or service reaches a point where it is unable to grow any further in a given market. This means that virtually everyone who would be interested in purchasing the product or service already owns it, and there […]

Definition of Market Research Market research refers to the process of gathering, analyzing, and interpreting data about a specific market or industry. It is a systematic and objective way of collecting information about consumers, competitors, and market trends to make informed business decisions. Market research can involve various methods such […]

Definition of Market Penetration Market penetration refers to the strategy employed by companies to increase their market share by attracting new customers to their products or services. It involves entering or expanding into a market where the company currently has a low market share. The goal of market penetration is […]

Definition of Market Orientation Market orientation is a business approach that focuses on meeting the needs and wants of customers through a deep understanding of the market and the ability to adapt and respond to changing customer preferences. It involves consistently monitoring and analyzing customer behavior and preferences, competitor activities, […]

Definition of Market Cannibalization Market cannibalization refers to the negative impact that a company may experience when introducing a new product or service that competes with or overlaps with its existing offerings. Essentially, it occurs when a company’s new offering eats into the sales and market share of its own […]

Definition of Market Basket A market basket refers to a fixed set of goods and services that are used to track changes in the price level over time. This basket typically represents the average consumption patterns of a typical household or a specific demographic group. The goods and services included […]

Definition of Marginal Utility Marginal utility is a concept in economics that measures the satisfaction or benefit an individual derives from consuming an additional unit of a good or service. It is the additional utility gained from consuming one more unit of a good, and it typically decreases as the […]

Definition of Marginal Social Cost (MSC) Marginal Social Cost (MSC) refers to the additional cost imposed on society due to the production or consumption of an additional unit of a good or service. It takes into account both the private cost borne by the producer and the external costs imposed […]