The Market

Question 1

Market size

Answer 1

The total value of sales in a market over a certain time period

Question 2

Market share

Answer 2

The proportion of the total market that a business holds

Question 3

Market share calculation

Answer 3

Sales divided by total sales in total market

Question 4

Dynamic market

Answer 4

Change and evolve rapidly over time

Question 5

Innovation

Answer 5

the new products or processes emerge this can lead to a growth of some markets and a decline of others

Question 6

Legislation

Answer 6

A law or sets of laws

Question 7

Direct competition

Answer 7

Products sold to the same group of customers by many competing businesses

Question 8

Indirect competition

Answer 8

Two or more businesses sell products that are different but competing for same customers

Question 9

Quantitative market research

Answer 9

This is normally to do with numerical figures

Question 10

Qualitative market research

Answer 10

Based on opinions of consumers and doesn’t produce numerical or quantitative results