Theme 1 Key terms definitions Flashcards
Define Mass Market –
A market that sells to a large number of customers with similar needs, using standardised products
Define niche market
A small, specialised segment of a larger market that targets specific customer needs.
What is market share, and the formula
The percentage of total sales in a market that is controlled by one business, calculated as (Sales of a business ÷ Total market sales) × 100.
What is market size?
The total value or volume of sales in a market.
what is a dynamic market?
A market that constantly changes due to trends, technology, and consumer preferences.
What is market segmentaion?
Dividing a market into groups based on characteristics like age, gender, income, or lifestyle.
what is Branding?
The process of creating a unique identity for a product or business to differentiate it from competitor
Define added value
The difference between the selling price of a product and the cost of raw materials.
