1.1 Flashcards
Mass market
A large market where products are aimed to a large range of customers
Niche market
A smaller market with products targeted at a smaller more focused target market
Market size
Quantity of products sold by all businesses in the whole market
Market share
The percent of sales made by business as a proportion of the market
Brand
A promotional method that creates an identity for a product so that it can stand out
Product orientation
The approach to marketing where the focus is placed on the product and production process
Market orientation
The approach to marketing which places the needs on the customer at the centre of decision making
What is a market
Any place that brings together buyers and sellers to agree a price
3 features about business to business
Small market, longer buying process, relationships with business buyers
Features of business to consumers
Larger market, branding important, product more important than relationships
3 factors influencing market growth
Economic growth, changes in taste, social changes
What is a brand family
A whole range of products will fall under one product area e.g. cadburys dairy milk
What is a corporate brand
Brand for a whole company
Disruptive market
How a business moves away from traditional market
Market segmentation
Breaking down the market into groups who share similar characteristics
