unit 1- understanding markets Flashcards
what is a national market?
a geographically dispersed market where customers are spread over a large area
what is an electronic market?
a market that does not have a physical presence, but a virtual presence, via the Internet
what is market segmentation?
a technique where s market is broken down into smaller sections where customers have similar characteristics
what are the factors effecting demand?
- price
- competition
- incomes
- marketing
- seasonal
what is market share?
the proportion of a total market accounted for by one product or company
what is market growth?
the measurement of the change in market size, usually expressed as a percentage of its original size
what is market size?
market size is the measurement of the size of total sales for a whole market, either expressed in value(currency) or volume(units)
what is a local market?
a market that is in your area
