The Market Flashcards
1
Q
Define markets
A
Markets are here buyers and sellers meet in order to exchange goods or services
2
Q
Define mass markets
A
Mass markets are aimed at satisfying the needs of a whole market
3
Q
Define niche markets
A
A niche market is a small segment of a larger market, they sell products specifically to suit the needs of consumers in that segment
4
Q
What is a market segment
A
A market segment s a subsection of a larger market in which consumers share similar needs and wants
5
Q
Benefits of mass marketing
A
- huge potential number of customers
- higher production levels allow economies of scale - lower production costs
- can use mass media advertising
6
Q
Benefits of niche markets
A
- meeting consumer needs more precisely allows higher prices to be charged
- higher profit margin
Easier to enter for firms with limited financial resources
7
Q
Define dynamic markets
A
Markets that always change
8
Q
PESTLE - how markets change
A
POLITICAL
ECONOMIC
SOCIAL
TECHNOLOGICAL
LEGAL
ENVIRONMENTAL
Highlights the major sources of external changes faced by businesses
