Market For A Business Idea

Question 0

Market share

Answer 0

Shown by the % of the market that the individual business sell to

Question 1

Market size

Answer 1

Measure either by the total value or the total volume of goods sold in the market

Question 2

Market growth

Answer 2

An increase in the size of the market

Question 3

Mass marketing

Answer 3

Applies to a business that is aiming its product at the largest part of the market

Question 4

Niche marketing

Answer 4

Deliberately targeting a small group of customers, within a large market, who share the same characteristics or needs

Question 5

Benefits for mass marketing

Answer 5

Large potential market could lead to large revenue

Question 6

Risks of mass marketing

Answer 6

Strong competition can drive the price down, resulting in lower profits
Branding and advertising to large and diverse groups can be expensive and difficult

Question 7

Benefits of niche marketing

Answer 7

Low levels of competition can lead to being able to charge a higher price, meaning increased revenue and profit
Clear focus - can target particular customers

Question 8

Risks of niche marketing

Answer 8

Dependent on a small group of customers and vulnerable to change in the market
Likely to attract competition if successful