1.1.1 The Market And Marketing Flashcards
Define markets
Markets where buyers and selller come together and trade goods
Define risk
Risk exists because entreprenuer commit resources that could be lost
Define uncertainty
This is to do with not being sure as a business is in a constant everchanging environment
What are some examples of types of markets
-Consimer good markets
-markets for service
- commodity markets
-financial markets
Housing markets
What is involved marketing
- understanding customer needs
- understanding the dynamics of a market
- developing succesful products
- promitingbthe business and its products
What is an individual market
It is when technology has allowed business to profile individual ms and customuwe products to suit each customer
What is a dynamic markets
These makrts which fluctuates constantly
What are some factors which effect dynamif market
- economic growth
- social change
- demographic chanhes
- legislation changed
What can the size of a market be measured in
By the value which the total amount spent in the product
Volume quantity sold by business
Define market share
Proportion of a parrticular market held by a business
Used to calculate success
What is the market share calculation
Sales of a business
——————————. X100
Total sales in the market
What are some ways of adapting
- be flexible in the way u operate
- carrying out market research to understand customer
- investment in a new technology people and product
- continues desire to improve
