Key terms-the market(1.1.1) Flashcards
Brand definition
a symbol logo or design that is recognisable and distinguishes a product from competitors
Competition definition
the rivalry among sellers trying to achieve goals such as increasing profits market share and sales volume
Competitive market definition
when there are many rivals selling similar products
Competitior definition
a rival business operating in the same market offering similar goods or services
e.g. KFC and McDonalds
Direct competition definition
businesses produce similar products that appeal to the same group of customers
Dynamic market definition
a market that is subject to rapid/continuous change
Indirect competition definition
different businesses make or sell products that are not in direct competition but compete for the same customer experience
e.g. Netflix and cinema
Innovation definition
the creation development and implantation of a new product process or service
Market definition
where buyers and sellers interact
Market growth definition
an increase in demand/sales for a particular product/service
Market share definition
the % of the total market a business has in terms of volume or value
Market size definition
the total amount of sales/customers in a market measured by value/volume
Mass market definition
a large unsegmented market where mass appeal products are on sale
Niche market definition
a specialised section of the market where customers have specific needs/wants
Online retailing definition
selling goods and services on the internet
Product innovation definition
the development/creation of products not previously available
Sales volume definition
the quantity of a good or service sold within a period of time
calculation sales revenue/selling price
Uncertainty definition
the inability to predict/a lack of knowledge about future events and outcomes/reasons for uncertainty
is caused by unexpected often external factors outside the business’ control even though sometimes these can be predictable
