Market share

Question 1

Market size

Answer 1

measures whether the overall market is increasing or decereasing

Question 2

How to measure market size

Answer 2

Volume (Units sold)
Value (total revenue)

Question 3

Market share

Answer 3

total sales of a business compared to total sales of a certain market

Question 4

Equation of market share

Answer 4

(Sales of product/Total market sales) X 100

Question 5

Price skimming

Answer 5

When price of a new product is set very high to recoup for high R&D costs

Question 6

Price penetration

Answer 6

A business sets a low price for a product to gain a good market share quickly

Question 7

Competitive pricing

Answer 7

Where the prices changed by competitors are taken into account

Question 8

loss leader

Answer 8

product deliberately sold for less than its worth to attract customers to the business

Question 9

Cost-plus

Answer 9

Adding a fixed amount to the cost of making a product

Question 10

Things impacting how much you’re willing to pay for product

Answer 10

Purpose
Type of product
Need or want
Branding