Mass marketing, high sales, mass production, lower costs, higher profits, long lasting, wide appeal
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What are the characteristics of a niche market?
Higher price, strong appeal to a limited audience
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How can a business increase growth without boosting sales?
Grow the whole market sector
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What is market share?
The amount of the market a business owns
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What is important about branding?
It makes the company recognised and remembered. Important to achieve differentiation
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What are the 4 key factors in a dynamic market?
Online retailing, how markets change, innovation and market growth, adapting to change
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How does competition affect the market?
Its the pressure keeping the company from being comfortable and complacent. It makes it difficult for businesses to raise prices
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What is the difference between risk and uncertainty?
Risk can be quantified
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What is a market-orientated business?
Managers take into account the needs of the consumer before making decisions
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What is a product-orientated business?
Managers focus on internal efficiency. Large sales team and focused on cutting costs
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What is primary and secondary market research used to?
Identify and anticipate customer needs and wants. Quantify likely demand. Gain insight into consumer behaviour
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What are the limitations of market research?
Sample size (Too big takes time and expensive/too small not representative). Sample bias
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How can ICT support market research?
Websites (generate online questionnaires). Social media (creates bonds with consumers). Databases (provides retailer with users to find answers to questions)
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What is market segmentation?
Finding ways to divide up the market to identify untapped opportunities
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What are the two stages of market mapping?
Identify the key characteristics of consumers within a market and place every product on a grid
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What is competitive advantage?
an advantage gained by offering consumers greater value, either by lower prices or by providing greater benefits and service that justifies higher prices
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What is the purpose of product differentiation?
Insulate the product from competition and allow the business to raise its prices
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What is added value?
Stretching the difference between the costs of bought-in goods and services and the price the company can get for its goods
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Other cards in this set
Card 2
Front
What are the characteristics of a niche market?
Back
Higher price, strong appeal to a limited audience
Card 3
Front
How can a business increase growth without boosting sales?
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