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Revenue
revenue = price x quantity
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PED
PED= Percenatge change in demand / percentage change in price
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market share
sales of a business/ total sales in the market x 100%
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Market
a set of arrangements that allows buyers and seller to communicate and trade in a particular range of goods and services
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Market Share
The proportion of total sales in a particular market for which one or more businesses or brands are responsible.
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Mass Market
A very large market in which products with mass appeal are target
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Niche Market
A smaller market, usually within a large market or industry
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Market Maps
Typically a two- dimensional diagram that shows two of the attributes of a brand and those of rival brands in the market.
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Market Positioning
the view a consumer have about the quality, value for money and image of a product in relation to those of competitors
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market segment
part of a whole market where a particular customer group has similar characteristics
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Qualitative
Data about opinions
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Quantitative
Number data
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Complementary goods
goods that are purchased together milk and cereal
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Inferior goods
goods for which demand will fall if income rises or rise if income falls
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substitute goods
goods that can be brought as an alternative , own brand
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equilibrium price
the price where supply and demand are equal
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inelastic
where the change in price results in a proportionate smaller change in demand
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elastic
where the change in price results in a greater change in demand
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YED
% change in quantity demand / % change in income
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Design
Function, Aesthetics, cost
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branding
creating a positive and recognisable image
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marketing mix
product,price,promotion,place
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Other cards in this set

Card 2

Front

PED= Percenatge change in demand / percentage change in price

Back

PED

Card 3

Front

sales of a business/ total sales in the market x 100%

Back

Preview of the back of card 3

Card 4

Front

a set of arrangements that allows buyers and seller to communicate and trade in a particular range of goods and services

Back

Preview of the back of card 4

Card 5

Front

The proportion of total sales in a particular market for which one or more businesses or brands are responsible.

Back

Preview of the back of card 5
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