The Market Flashcards
Market
A market is any place that buyers and sellers come together to exchange goods or services
Mass market
When a business sells the same products to all customers and markets in the same way - targeted at a wide range of people
Niche market
A small market segment - a segment that has sometimes gone ‘untouched’ by larger businesses
Market size
The total number of likely buyers of your product or service within a given market
Market share
The term used to describe the proportion of a particular market that is held by a business, a product, a brand or a number of businesses or products
Competition
The rivalry between companies selling similar products and services with the goal of achieving revenue, profit and market share growth
Brand
Something that is used to distinguish businesses from the other products in the market
Profit satisficing
Where the owners of a business set a minimum of acceptable levels of achievement in terms of revenue and profit
Innovation
When companies implement new processes, ideas, services or products with the goals of boosting the bottom line
Dynamic market
A market that is in a rapidly changing business environment
Online retailing
A process which allows the customers to search, select and purchase the products, services and information remotely over the internet
Market growth
The rate at which a markets size is increasing
Risk
The exposure a company or organisation has to factor that will lower its profit or lead it to fail
Uncertainty
It refers to situations in which businesses face risks that can’t be foreseen or measured
Commodity market
A marketplace for buying selling and trading raw materials or primary products
