1.1.1 The Market Flashcards
1
Q
Mass Markets
A
Characteristics: customer needs are broad
Market Size: Large market
Market Share: Businesses aim to hold 50% or more of the market
Brands: Nike, H&M, Zara, McDonald’s
2
Q
Niche Markets
A
Characteristics: Market that is specific to consumer needs
Market Size: Number of customers a business can make profit from
Market Share:
Brands: Rolex, Ferrari, Lindor
3
Q
Dynamic Markets
A
Online Retailing:
How markets change:
Innovation and market growth:
Adapting to change:
4
Q
How competition affects the market
A
Creates more productivity and better quality of products and services
5
Q
The difference between risk and uncertainty
A
Risk is when the probabilities of the possible outcomes are known and uncertainty is where the outcomes are unknown
