1.1.1 The Market Flashcards
What is a market?
A market is any place that buyers and sellers will come together to exchange goods or services
What is a mass market?
Where the product is targeted at a wide range of people
What is a niche market?
Where you identify a small currently unsatisfied gap in the market
What is a brand?
A brand is a product or identity that can add value to a product allowing firms to charge premium prices.
They can be a name, symbol, shape, colour or logo
What are some benefits of building a brand?
Brand extension - adding a new product to a range
Brand value - the name adds value
Brand personality - take on a persona
Brand loyalty
What is a dynamic market?
A changing market
Change in:
Social trends
Technology
Competitive environment
Consumer tastes
What does being in a Niche market allow a company to do?
Charge higer prices
What is brand extentsion?
Adding new product ranges to a recognised brand name
What is brand value?
The brand name itself adds value
What is brand personality?
The brand takes on a “persona” of their own ans assosiate with certain characteristics
