Theme 1.1 - Marketing & People Flashcards
What is a market
A place where buyers and sellers come together and interact
What is a mass market
One which sells their product to the broad market
- Lower production costs as production happens on a large scale therefore being able to achieve economies of scale
What is a niche market
One which sells to a subset of the mass market
- Products are unique as they are targeted for a smaller group, higher prices can be charged however higher production costs
What does a brand add
- Adds value
- Allows for higher prices to be charged
What is a dynamic market
One which constantly changes
What 4 areas do we look at when examining dynamic markets
- Online retailing
- How markets change
- Innovation
- Adapting to change
What is Market orientation
Where you focus on the needs of customers when designing a product
What is Product orientation
Where you focus on the qualities of the product rather than necessarily the needs of customers
What are two examples of Primary market research
- Focus group
- Surveys
What is market positioning
The process a business goes through when launching a new product or service
How do businesses assess market position
Look at gaps within the market map, which is based on quality and price
