Theme 1: Marketing 1.1.1 Flashcards
what is a Niche Market and give characteristics?
When businesses sells into the smallest/small part of the market. This offers more needs and wants for the customers however it can be more expensive.
What is a mass market and give characteristics?
This is when a business sells into the largest segment of a market. This will consist of less specific products and more competition.
What is market size?
refers to the amount of units sold or customers in an industry over a given period of time.
What is market share?
How much of the market a business owns.
What is online-retailing?
Online retailing (E-commerce) is when a business operates online. This has advantages such as less stock needed as the business can buy the stock as orders come in. However delivery can be slow.
How do markets change?
Markets can change in many ways. One way a market can change can be external influences such as Covid-19. Another can be a change in demand.
What is innovation?
innovation is when someone brings a new idea forward.
what is market growth?
market growth is how fast a market is growing in terms of how many businesses operate within them and how many units get sold.
how can a business adapt to change?
A way which businesses can adapt can be them going online.
how can competition affect the market?
Competition can lead to businesses lowering the price of their products and still make good quality products for their consumers.
what is risk?
risk is the possibility of something not going to plan.
what is uncertainty?
uncertainty is when someone is unsure if their ideas will work/go accordingly.
