indicates a market leader, influences other companies, influence strategy or objectives of a business
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what is the equation for market size?
units sold X selling price
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what is in a niche market?
small consumer group, specific needs, avoid competition, may be over run if a large business enters the market, small segment of the mass market, charge premium prices
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what is branding?
develop an image, help product recognition, used to differentiate from rivals, create customer loyalty, charge a premium price whenit is a strong brand
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what is online retail?
people dont like or cant physically shop, open 24/7, marketing and advertising costs are cheaper, access anywhere in the world, reach more customers
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why may market growth occur?
changes in legislation, economic growth, innovation, social changes, demographics
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factors that help a business adapt to market changes
flexibility, market research, changes in consumer tastes, investment in new product development, continuous improvement, develop a niche market
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Other cards in this set
Card 2
Front
what is market share?
Back
indicates a market leader, influences other companies, influence strategy or objectives of a business
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