business 0.0 / 5 ? Business StudiesMarketing mixA2/A-levelEdexcel Created by: charlotte keyCreated on: 18-05-16 19:39 Revenue revenue = price x quantity 1 of 22 PED PED= Percenatge change in demand / percentage change in price 2 of 22 market share sales of a business/ total sales in the market x 100% 3 of 22 Market a set of arrangements that allows buyers and seller to communicate and trade in a particular range of goods and services 4 of 22 Market Share The proportion of total sales in a particular market for which one or more businesses or brands are responsible. 5 of 22 Mass Market A very large market in which products with mass appeal are target 6 of 22 Niche Market A smaller market, usually within a large market or industry 7 of 22 Market Maps Typically a two- dimensional diagram that shows two of the attributes of a brand and those of rival brands in the market. 8 of 22 Market Positioning the view a consumer have about the quality, value for money and image of a product in relation to those of competitors 9 of 22 market segment part of a whole market where a particular customer group has similar characteristics 10 of 22 Qualitative Data about opinions 11 of 22 Quantitative Number data 12 of 22 Complementary goods goods that are purchased together milk and cereal 13 of 22 Inferior goods goods for which demand will fall if income rises or rise if income falls 14 of 22 substitute goods goods that can be brought as an alternative , own brand 15 of 22 equilibrium price the price where supply and demand are equal 16 of 22 inelastic where the change in price results in a proportionate smaller change in demand 17 of 22 elastic where the change in price results in a greater change in demand 18 of 22 YED % change in quantity demand / % change in income 19 of 22 Design Function, Aesthetics, cost 20 of 22 branding creating a positive and recognisable image 21 of 22 marketing mix product,price,promotion,place 22 of 22
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