A situation in which businesses operate in a free market, i.e., they are in competition with each other and are not under government control.

Influences, such as the availability of raw materials for the production of goods, or customer numbers, which affect supply, demand and prices of products and services.

A company or brand which has the highest sales of a particular product. A best-selling product.

A business strategy whereby a company focuses on meeting the customers needs and wants regarding products and services.

A low price at which a new product is offered when it first comes onto the market, in order to attract customers, after which the price is usually increased.

The process of gathering and analysing information about customers, competitors, etc., in order to make decisions and solve problems connected with selling products or services.

Competing businesses which produce or buy similar goods and/or services. The customers for which certain goods and services are marketed.

A subgroup within a larger market in which people share certain characteristics and require similar products or services.

The process of identifying and dividing consumers into groups according to their purchasing behaviour.

The testing of a product or service in several areas of the country to see if customers will like it and want to buy it.