1.1.1 The market Flashcards
1
Q
The rivalry among sellers trying to achieve goals such as increasing profits, market share, and sales volume
A
competition
2
Q
When there are many rivals selling similar products
A
competitive market
3
Q
A market that is subject to rapid/continuous change.
A
Dynamic market
4
Q
The creation, development and implementation of a new product, process or service.
A
innovation
5
Q
An increase in demand/sales for a particular product/service
A
market growth
6
Q
A large unsegmented market where mass appeal products are on sale
A
Mass market
7
Q
A specialist area of the market. It is a smaller segment of a larger market where consumers have specific needs and wants.
A
Niche market
8
Q
The quantity of a good or service sold within a period of time. Calculation Sales revenue/selling price
A
Sales volume
