The Market Flashcards
A business
An organisation that makes goods and services
Customer needs
Are the wants and desires of buyers ie their requirements
Business start up
New firm selling products for the first time
Market
Any place where buyers and sellers meet to sell products
Business opportunity
The chance to set up a new firm, or launch a new product
Business idea
Plan to create products which meet customer needs
Entrepreneur
An risk taking individual who organises and manages a business activity.
Marketing
The process of identifying, anticipating, and satisfying customer requirements, profitably.
Mass market
A very large market
Mass marketing
Where a business sells the same product to all consumers in the same way.
Segmentation
When a firm splits the market into sub groups of customers with similar characteristics.
Nice market
Is a small market
Static markets
Markets which do not change over time
Dynamic markets
Do change over time
Brand
Name or image a business gives its product to differentiate them from other products in the market.
