Miss Powell Class topics The market Flashcards
what is mass market?
market for goods that are produced in large quantities
What are generic brands?
brands that are very well known that customers say the brand when they mean the product, e.g ‘Coke’
What does mass marketing lead to?
High sales
Mass production
lower costs and higher profits
What is a niche market?
a small segment of a large market
What is niche marketing?
a special product that is designed to meet specific needs of these consumers
What is economies of scale?
Factors that cause costs per unit to fall when a firm operates at a higher level of production
What is market share?
the product of the marketing department’s success or failure
describe product differentiation
the level at which consumers perceive your brand as being different from others
Dynamic markets are always…..
changing
explain franchise
a business that sells the rights to the use of its name and trading methods to local business’
