The Market Flashcards
What is a mass market
market aimed at the general population
What is a niche market
a subset of the main market and addresses specialist needs
What is market size
a measure of the total available demand for competition in a market
What is market share
the share of the total market that is owned by a particular business, product or brand
What is the market share formula
sales of business / total sales in market x 100
What is a dynamic market
is a constantly changing market (all markets are dynamic)
What is product differentiation
a process used by businesses to distinguish a product or service from other similar ones available in the market
What is a franchise
where a business gives someone the right to sell its products and use its trademarks.
What is economies of scale
cost advantages that can occur when a company increases their scale of production and becomes more efficient, resulting in a decreased cost-per-unit
What is innovation
adapting or improving an existing product or process to be better
What is the market growth % formula
market growth % in year ‘X’ = change in size of the market between year (X-1) and year X / size of market in year (X-1) x 100
What is the sales growth % formula
Sales growth % in year ‘X’ = change is sales of product or business between year (X-1) and year X / sales of product or business in year (X-1)
What is market growth
the percentage rate of growth in market size over a period of time
