1.1.1 - The Market Flashcards
Define Market
Any place that buyers and sellers will come together to exchange goods or services
Define Mass Market
Any market where products are targeted at a wide range of customers
Define Niche Market
Any market where products are targeted at small, unsatisfied gaps in the market
Define Market Size
The total value or volume of sales in a market
How is Market Size Calculated?
Number of Units x Price
Define Market Share
The proportion of total market sales a business has
How is Market Share Calculated?
Sales of One Business / Total Market Sales x 100
Define Brand
An image or identity. It is a perception that distinguishes one product or business from another
Define Brand Loyalty
Where customers continue to almost exclusively buy certain products from a singular brand
What is Brand Extension?
Adding new product ranges to a preexisting brand
What is Brand Value?
Where a brand’s popularity or reputation adds value to the product
Whats is Brand Personality?
Where a brand develops a persona and can be perceived with certain human characteristics
Define Dynamic Market
A constantly shifting market which adapts to change
What are the Characteristics of a Dynamic Market?
> Shifting social trends
Changes in technology
Competitive environment
Changing consumer tastes
Define Online Retailing
The process of buying or selling goods and services over the internet
