The Market Flashcards
1
Q
Market
A
- groups of Individuals and organisations that make up the pool of actual and potential customers
2
Q
Market size
A
- total value of a market in terms of money spent or number of products
3
Q
Market size =
A
Sales/ entire market sales
4
Q
Market growth
A
- % change in the size of the market compared to the previous year
5
Q
Market growth
A
Change in size of market in year 1 and 2/ size of market in yr 1 x 100
6
Q
Market share
A
- the % of the market in held by one company or product
7
Q
Mass market
A
- sold to all consumers in same way, aimed at general population
- e.g regular toothpaste
8
Q
Mass market pro
A
- accessing a wider range of customers
- large scale production, more economies os sale so lower average unit cost
- can buy in bulk
- volume of sales mans higher revenues
9
Q
Con mass markets
A
- lots of competition
- high marketing costs to create brand image
- high volume production, not flexible to demand changes
10
Q
Niche markets
A
- a subset of the main market and address a specialist need
E.g toothpaste for sensitive teeth
11
Q
Pro niche market
A
- can charge a higher price
- easier to target customers
- small scale production can be flexible and follow trends
- less competition
12
Q
Con niche market
A
- risky as demand may not be constant
- higher unit cost so no buying in bulk
