markets Flashcards
1
Q
what is meant by market?
A
where buyers meet sellers
2
Q
what types of markets are there?
A
- local
- national
- global
3
Q
what is the difference between niche and mass markets ?
A
niche = small segment of larger market + avoid comp - lower out put mass= aims product at whole market + economies of scale - brand can be devalued
4
Q
what is B2B ?
A
business to business
- maximise value of relationship
- focused target market
- relationship driven
- multi step buying
5
Q
what is B2C ?
A
business to customer
- maximise value of transaction
- product driven
- large target market
- single step buying
6
Q
what is meant by target segmentation ?
A
where market is subdivided into different section
e.g. gender or age
