meeting customer needs

Niche market: a small specialised market for a particular product or service. e.g. a nut free product

Mass market: The market for goods that are proudced in large quanitites. e.g. Coca Cola

Market size: The number of individuals in a certain market who are potential buyers and/or sellers of a product or service. Companies are interested in knowing the market size before launching a new product or service in an area.

Market share: A percentage of total sales volume in a market captured by a brand, product, or company.

Dynamic market: Market dynamics are pricing signals that are created as a result of changing supply and demand levels of products and services in a given market. It is a fundamental concept in supply, demand and pricing economic models.

Competition in business occurs when many firms sell identical products and act independently to supply their products to the same group of consumers. All companies face competition, regardless of the market in which they operate.

Difference Between Risk and Uncertainty

1. Risk means danger or threat one might feel in doing some work, while uncertainty means hesitation or ambiguity about certain thing.
2. Uncertainty comes…