The market Flashcards
1
Q
Mass market
A
business sells the same products to all consumers.
2
Q
Niche market
A
Small market segment- selling to a small customer group
3
Q
Market size
A
Calculate by
Value - total amount spent by consumers
Volume - quantity of products sold
4
Q
Market share
A
the proportion of a market held by someone.
Sales of business / Total sales in the market x 100%
5
Q
Dynamic market
A
constantly changes
6
Q
Online retailing benefits
A
Easier to gather personal information
Selling costs can be avoided
7
Q
Market change
A
Size of market
- can be stable over time
Nature of market
- structure of the market constantly changes.
8
Q
Economic growth
A
growing population has more money to spend
9
Q
Innovation
A
Create new wants and needs and meet them with new products
10
Q
Changes in legislation
A
new laws
