1.1.1 Flashcards
Definition of market share?
The percent of total sales in an industry generated by a particular company.
Definition of market size?
The total number of potential buyers of a product or service within a given market
Definition of market?
A place where sellers and buyers come together to trade goods.
what is risk in business?
Risk is not knowing the possible outcome when first starting a business
what is uncertainty in business?
Uncertainty is knowing the possible outcomes when first starting a bsuiness
Mass Market
targeting a large population of the market, producing generic products and serving at cheap prices.
Niche Market
Targeting a small population of the market, producing specific products and serving at premium prices.
what is marketing?
the process of understanding customers and finding ways to provide products or services which customers demand
what is a Dynamic Markets?
A market which is subject to continual and rapid change
Factors that affect the dynamic market:
innovations, social change, economic change
What is market share equation?
sale of business/total sale in market x 100
What is market Research?
Market Research is the first stage of marketing, it involves gathering and analysing quantitative and qualitative data.
Market research questions?
Primary Market Research
Gathering data that is first hand collected
Secondary Market Research
Gathering data that is second hand collected, perhaps published by a former company
Secondary Market Research (A+D)
:)
- Quickly gather considering its already layered out presentably
-easy to gather
-better when needing a large sample
:(
-Expensive data to collect
-out of date data
Primary Market Research (A+D)
:)
-specific to the data needed
- 2 way communication follow up
-more up to date and reliable
:(
- time consuming
difficult to conduct on a large scale
Product Orientation
Focused solely on the product and the products efficiency (if its completing its designed job).
Market Orientation
Focused solely on the customers opinions on the product and wants to meet customers needs
Market Research Limitation
:(
- can be biased
-small sample is unreliable
-time consuming
Sampling Definition
Sampling involves selecting a group of representatives from the large target population
Correlation
Correlation is a process when the business can understand factors that are helping or not helping their business. This can be manipulated to ear greater sales.
Ict in market Research
Ict can support collecting data :
analysing database
social media/ networking
gathering information
What is Market Mapping?
A technique used to understand how products/business are viewed relative to competitors
