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  • Markets
    • Mass Markets
      • A large market with high sales volume
      • Products are aimed at large groups of consumers for that particular product.
      • For business where large quantities of products need to be produced
      • Higher sales and profits
    • Niche Markets
      • A small part of a larger market with specific characteristics.
      • Smaller consumer group with specific needs.
      • Businesses avoid competition and is unable to support competing companies. This means the needs of the customer can be focused on.
      • The business can charge higher prices.
    • Market Size
      • Value is the amount spent by customers buying products.
      • Volume is the physical quantity of the product produced and sold.
    • Market Share Importance
      • Market Share = sales of a business/total sales in the market x 100
      • So a business can see how well they are doing in competition.
      • To see who has the highest share of the market and what may need changing in the business
      • Influence other businesses
      • Influence strategy and objectives
      • Indicate the business' success or failure
    • Dynamic Markets
      • Markets change; they grow, fragment, shrink and disappear
      • How Markets Change
        • Size, they grow and decline
        • Updates,modification and relaunches increase choice.
        • Threats from new entrants to the market
        • New emerging economies launch new products
    • Why new markets occur
      • Economic growth
      • Innovation
      • Social change
      • Changes in legislation
      • Demographic changes
    • Markets adapting to change
      • Flexibility is needed
      • Market research is needed
      • Investment to fund new ventures
      • Developing a niche
      • Continuous improvement due to competition
    • Risk and Uncertainty
      • There is a risk of investing time, money and effort for it to not pay off
      • new  competititon can influence businesses
      • Consumer taste changes
      • New technologies change market demand
      • Natural disasters can reduce production or sales level
      • The economy can change


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