Theme 1 Key Terms 🏪🛍✨ Flashcards
What is a brand?
A unique design or logo that distinguishes and makes a product or service recognisable from its competitors
What is competition?
Rivalry between competitors to achieve goals such as market share or profit
What is a competitive market
Weather and many rivals selling similar products
What is in direct competition?
When a business sells different products or services to go to The same target market 
What is innovation?
Putting new ideas into action
What is a dynamic market
A market which is subject to continuous or rapid change
What is the market?
Place where Buyers sellers Interact with each other 
What is market growth?
An increase in demand of a product/service over time 
What is market share?
The percent of the total 🟰 market the business has in terms of value or value
What is the niche market?
A subset of the main market To address specific needs 
What is online retailing?
Selling goods and services on the Internet
What is product innovation ?
Creation of a product that was not previously available
What is sales volume?
The quantity of goods and services sold in a period of time
Sales revenue/selling price
What is uncertainty
The inability to predict the future due to external shocks 
What are biased Questions? 
Questions that do not reduce findings that truly reflects the viewpoint of the target audience and the use of their product/service
