Business 1.1

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  • Created by: Izzy Nott
  • Created on: 04-01-18 14:23
What is market size?
The number of individuals in a certain market who are potential buyers and/or sellers of a product or service.
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What is market share?
The percentage of a market's total sales that is earned by a particular company. It could be a monopoly (Royal Mail), oligopoly (supermarkets) or duopoly (soft drinks e.g. Pepsi and Coke)
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What does 'dynamic market' mean?
A market that is always changing, usually to keep up with trends and customer wants/needs.
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Why do markets change?
Markets change due to new fashions or changing economic conditions.
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How does competition affect the market?
The companies in a market will put on deals or sell a larger range of products of higher quality to try and beat their competitors.
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Limitations of primary research
It can be expensive and a poor survey may get a bias result.
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Limitations of secondary research
The data may be outdated or irrelevant to the business. The results could also be biased.
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Business objectives
An objective is something the business aims to do within a specific time period. They must be SMART (specific, measurable, achievable, realistic and time-bound).
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Other cards in this set

Card 2

Front

What is market share?

Back

The percentage of a market's total sales that is earned by a particular company. It could be a monopoly (Royal Mail), oligopoly (supermarkets) or duopoly (soft drinks e.g. Pepsi and Coke)

Card 3

Front

What does 'dynamic market' mean?

Back

Preview of the front of card 3

Card 4

Front

Why do markets change?

Back

Preview of the front of card 4

Card 5

Front

How does competition affect the market?

Back

Preview of the front of card 5
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