The activity of managing a business, usually a small one, which brings together capital, labour, raw materials and machinery to produce a product or service
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Monopoly
A market which has one dominant market leader. A pure monopoly is one where one business owns 100% of the market share but in reality, it is usually less than 100%. Monopolies are often price makers.
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Oligopoly
A market which has a few dominant firms, usually less than 5. Each firm will have a large market share within the market.
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Monopolistic Competition
A market which has a large number of relatively small businesses in competition with each other. Each business will have a small market share and firms will compete mainly on price.
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Mass marketing
When a business targets its advertising and promotion at the whole market, now at particular segment within the population.
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Niche marketing
When a business targets a specific segment of a large market to satisfy the unique needs and wants of its consumers. Niche marketing will result in low saes volumes but high sales revenue per unit.
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Other cards in this set
Card 2
Front
Monopoly
Back
A market which has one dominant market leader. A pure monopoly is one where one business owns 100% of the market share but in reality, it is usually less than 100%. Monopolies are often price makers.
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