Unit 1 - Market Flashcards
Def: mass market
Very large market in which products with large appeal are targeted
Def: niche market
Smaller market usually within a large market or industry
Characteristics: mass market (7)
More customers
More competitors
Big less specific
Tends to be fmcg (fast moving consumer goods)
High demand
Universal appeal
More economies of scale (more you manufacture= cheaper)
Characteristics: niche market (6)
Less consumers
Less competitors
Small and specific
Easier to start
Lack of economies of scale
Likely to attract competitors if successful
Market share equation
Sale of a business/total sales of market x 100 = %
Eg tesco 27%
Def: dynamic market
Nature of market is for it to constantly change
How to adapt with dynamic market (5)
Flexibility
Investment
Market research
Continuous improvement
Develop a niche
Difference between risk (3) and uncertainty (2)
Risk:
Possibility things could go wrong
Can be assessed and foreseen
Eg new business
Uncertainty:
Unpredictable and uncontrollable
Eg external shocks
Market growth equation
Change/ og x 100 = %
Def: Brand name
Name/ design that allows a consumer to identify the goods and services and differentiate themselves from competitors
Def: e-commerce
Conducting business transactions online
Def: online retailing/ e-tailing
The retailing of goods online
Def: Market
Set of arrangements that allow buyers and sellers to communicate and trade in a reange of goods and services
Def: marketing
Management process involved in identifying, anticipating and satisfying consumer requirements profitably
Def: market share
Amount in percentage a business has within a market
