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business theme 1 > 1.1 > Flashcards

1.1 Flashcards

1
Q

market definition

A

place where buyers and sellers meet to exchange goods for currency

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2
Q

market share definition

A

proportion of total sales in a particular market which one or more brands are responsible

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3
Q

market share formula

A

(sales / total market share) x 100

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4
Q

2 ways to estimate market share

A
  • value of market
  • volume of market
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5
Q

difference between mass and niche

A

mass - delivering product with mass appeal and promoting to all (domination)
Niche - tailoring product to certain customer

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6
Q

Dynamic market definition

A

market that emerges grows changes and declines quickly.

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7
Q

what is competition

A

businesses that are providing similar goods or services

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8
Q

what is direct competition

A

two or more businesses that sell a similar product to the same people

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9
Q

what is indirect competition

A

sell different product to the same people

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10
Q

what is a risk

A

a risk occurs after a business decision

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11
Q

what is uncertainty

A

an unexpected event that is unlikely to happen

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12
Q

what is market orientation

A

a business model that focus on delivering what consumers wants, needs and requirements

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13
Q

what are the advantages of market orientation

A
  1. have USP
  2. guaranteed sales
  3. useful if high competition
  4. maintain strong relationships
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14
Q

what are the disadvantages of market orientation

A
  1. high costs
  2. can only appeal to part of the market
  3. can be easily copied
  4. have to move quick to keep up with demand
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15
Q

what is product orientation

A

a business model where customer wants are ignored and business focus on only the product and producing one they feel there is a market for

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16
Q

advantages of product orientation

A

1.quicker process than market orientation
2. cheaper than market
3. first mover advantage
4. time efficient

17
Q

disadvantages of product orientation

A
  1. high chance of failure
  2. may be no demand
  3. may be more costly due to lack of knowledge of market
18
Q

what is market research

A

the collection, analysis and presentation of data relating to the marketing and consumption of goods and services through identifying customer needs

19
Q

what is primary data

A

data doesn’t already exist. first hand collected by business

20
Q

what is secondary data

A

already exists, information is second hand

21
Q

4 advantages of primary data

A
  1. data is specific to business
  2. valid for business
  3. not out of date
  4. gain competitive advantage
22
Q

3 disadvantages of primary data

A
  1. time consuming
  2. expensive
  3. might not represent whole market
  4. requires skilled personal to carry out
23
Q

3 advantages of secondary data

A
  1. quicker than primary to gather
  2. cheaper than primary
  3. easy to collate
24
Q

6 disadvantages of secondary data

A
  1. can be inaccurate
  2. not specific to business
  3. may be bias data
  4. could be out of date
  5. may need adapting to fit business needs
  6. gin no competitive advantage
25
Q

3 examples of types of technology that can be used to help with market research

A
  1. websites
  2. social networking
  3. databases
26
Q

what does a market map do

A

help display primary data by organising it into a scale of two different sections

27
Q

advantages of market mapping

A
  1. helps reveal gaps in the market
  2. can help to be first mover
28
Q

disadvantages of market mapping

A

1.gaps may not be appropriate to fill as no sales for market there
2. expensive to collect data and sort out
3. time consuming

29
Q

what is a competitive advantage

A

a condition which allows a firm to generate more sales by doing something different to competitors

30
Q

what are the 10 ways to gain a comp advantage

A

1.price 7. advertising
2. added value 8. convenience
3. innovation 9. customer service
4. reliability 10. social objectives
5. quality
6. reputation

31
Q

what is adding value

A

difference between cost of production and price charged

32
Q

what are the 5 ways of adding value

A
  1. quality
  2. branding
    3.USP
  3. convivence
  4. design

business theme 1 (4 decks)

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