Business Theme 1 Flashcards
1
Q
Market
A
all of the buyers and sellers that trade a particular type of product in a particular place
2
Q
Mass Market
A
aimed at large group of buyers. The product has a wide appeal and is useful to a variety of people, not just segments of the population
3
Q
Niche Market
A
aimed at a specific group of buyers. The product is specialised to meet the particular requirements of buyers in the niche market
4
Q
Market Size
A
total values of sales in a market over a certain time period . It could also be measured by the total number of consumers in that market
5
Q
Market Share
A
proportion of the total market that the business holds - its calculated by dividing their sales in a certain time period by the total sales in the total market.
