1.1.1 The market Flashcards
The rivalry among sellers trying to achieve goals such as increasing profits, market share, and sales volume
competition
When there are many rivals selling similar products
competitive market
A market that is subject to rapid/continuous change.
Dynamic market
The creation, development and implementation of a new product, process or service.
innovation
An increase in demand/sales for a particular product/service
market growth
The largest part of the market, where there are many similar products
+Large in size
+Potential for EOS
-More competition
-Need for competitive pricing
Mass market
It is a smaller segment of a larger market where consumers have specific needs and wants.
+Less competition
+Can charge higher prices
-Smaller market
-No EOS
Niche market
The quantity of a good or service sold within a period of time. Calculation Sales revenue/selling price
Sales volume
