the market 2

Question 1

define dynamic market

Answer 1

one that is subject to rapid or continuous changes

Question 2

how does a business make sure they keep up with dynamic markets?

Answer 2

• being flexible in the way the business operates
• market research to have a better understanding of the market
• continuous improvement
• investment in new technology, people, products

Question 3

what is the market share

Answer 3

the proportion % of a market that is taken by a business, product brand
- it can be used as a measure of success

Question 4

market share formula

Answer 4

sales of a business
—————————- X 100
total sales in the market

Question 5

market size can be measured through;

Answer 5

1. volume of sales
2. value

Question 6

define qualitative data

Answer 6

information that cannot be expressed as numbers

• words, objects, pictures

Question 7

define quantitative data

Answer 7

data that can be expressed as a number or statistic