Types of Markets Flashcards
1
Q
what is mass marketing?
A
when a business sells into the largest part of a market where there are many similar products on offer
2
Q
what is niche marketing?
A
when a business sells into a smaller part of a larger market, where customers have more specific needs and wants
3
Q
what two feature can asses the size of a market?
A
- teh money spent by customers
- the total number of products bought by the cutstomers
4
Q
what is market growth?
A
the percentage sales in volume or value of a market over a period of time
5
Q
what is the equation to calculate market share of a business?
A
(sales of business / total market sales) x 100 = ___%
6
Q
what is a dynamic market?
A
one that has constant changes
