Understanding markets Flashcards
1
Q
What is a market
A
a place where buyers and sellers meet. Physical (shops). Non physical (internet)
2
Q
Market share
A
The percentage of the total sales of a market that is
held by an individual product or business.
3
Q
Market segmentation
A
The breaking down of customers into groups
which share common characteristics e.g. sex, age,
location, home ownership etc.
4
Q
Market size
A
A measure of the total market in terms of either its
value or volume of sales.
5
Q
How to calculate the market size
A
Number of Units Sold x Price = Market Size
6
Q
How to calculate market growth
A
Change in Market Size / Original Market Size X 100
7
Q
How to calculate market share
A
Sales of one Product or Firm / Total Market Sales X 100
