P1 Hw 6- The Market Flashcards
Mass market
When a business product it service is aimed at the whole market
Niche market
Product or service aimed at a specific part of a market
Dynamic market
Market that is constantly changing
Brand
A product by one business using a specific name
Competition
Another business that sells similar products that customers could buy
Risk
The probability that things will not go as planned
Uncertainty
When a business is unable to predict external factors or future events that may affect them
Economies of scale
When output increases the cost per unit increases
Product differentiation
When a business tries to distinguish their product from other businesses
USP
An aspect of a product or service that makes it stand out from competitors
Market size (def)
The total volume is sales in the market
Market size formula
Number of units sold x price
Market share (def)
The proportion of total market sales that a firm has
Market share formula
Sales of one firm
————————— x100
total market sales
Market growth
Market size year 2 - market size year 1
——————————————————— x 100
Market size year 1
