Key terms-the market(1.1.1) Flashcards
Brand
a symbol logo or design that is recognisable and distinguishes a product from competitors
Competition
the rivalry among sellers trying to achieve goals such as increasing profits market share and sales volume
Competitive market
when there are many rivals selling similar products
Competitior
a rival business operating in the same market offering similar goods or services
e.g. KFC and McDonalds
Direct competition
businesses produce similar products that appeal to the same group of customers
Dynamic market
a market that is subject to rapid/continuous change
Indirect competition
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
the creation development and implantation of a new product process or service
Market
where buyers and sellers interact
Market growth
an increase in demand/sales for a particular product/service
Market share
the % of the total market a business has in terms of volume or value
Market size
the total amount of sales/customers in a market measured by value/volume
Mass market
a large unsegmented market where mass appeal products are on sale
Niche market
a specialised section of the market where customers have specific needs/wants
Online retailing
selling goods and services on the internet
