The market Flashcards
mass market
this is when a business sells the same product to all consumer and markets in the same way
niche market
a small market segment that is sometimes untouched by larger businesses.
what is niche marketing
involves selling to a smaller group with specific needs
how is market size calculated
total sizes of all business
how is market size calculated
sales of business/total sales (x100)
dynamic market
markets grow, shrink, fragment, emerge or completely disappear over time
how does the size of the market change
may stay stable, decrease or increase. Depends on the good or service and peoples preferences
how does the nature of the market change
subject and structure of market is subject to constant change. Many products are modified and re launched e.g iphones. Preferences may change e.g food
how does innovation affect market change
development of new products
how does economic growth affect market change
if people have more disposable income they spend more
how do social changes affect market change
e.g increase in working mothers will result in childcare places increasing
how do changes in legislation affect market change
e.g tobacco advertising. payday lending, green goods
how do demographic changes affect market change
changes in population structure e.g elderly health care, care homes and mobility aids
