1.1 Meeting customer needs Flashcards
1
Q
What is a dynamic market?
A
A market that is constantly changing to meet customers needs and wants
2
Q
What is market share?
A
The % of how much of a market that business or product own
3
Q
What is market size?
A
Measured by volume of sales or value
4
Q
What is a niche market?
A
A subset of a normal market that sells products more catered to a customers wants and needs
5
Q
What is a mass market?
A
A market in which products are advertised and sold in the same way and time
6
Q
What are three evaluation points of a mass market?
A
+Higher production volumes allows for smaller unit costs
