markets

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  • Created by: martha
  • Created on: 16-01-13 10:28
What is a mass market?
A firm that will try and accomodate as much of the market as possible
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what are the pros of mass markets?
Higher sales revenues, lower prices, lower production costs
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What is a niche market?
Niche marketing refers to a product of service that accounts for a certain kind of speciality concerning an unmet customers need
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what are the pros of a niche market?
specialised, adaptable to change, less competitors, better customer knowledge and support
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What is a virual market?
A market which operates online
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What are the pros of a virtual market?
easy access for many people, lower fixed costs, easy to expand, start up costs are
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What factors can influence demand?
Advertising and marketing, trends and fashions, income and wealth of customers, seasonal factors, price of product, price of complementary products, price of substitutes, competitors actions
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what types of markets are there?
virtual, physical, national and local
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what characteristics do local markets have?
good relationship and understanding of the customers, communication with customers is good and cheap, market size may be small, limited possibility for continuous growth
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what characteristics do national markets have?
Costly distribution of products/ services to customers, slower communications with customers, larger potential market
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What are the cons of a virtual market?
Security issues, price comparison is easy, lower cusomer knowledge, weak cusomer experience
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What are the cons of a niche market?
No room for expansion, complex to set up, expensive to set up and run
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What are the cons of mass markets?
Very competitive, less specialised, slower to adapt to change, lower profit margins, expensive advertising
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What are the benefits of market segmentation?
Allows you to target a specific section of the market, better understanding of your market, less waste of resources, less expensive to develop products or services that attempt to meet a specific need
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What are the drawbacks of market segmentation?
May not be appropriate for very small businesses with limited markets, segmentation is an approximation of behaviour, not everyone behaves the same
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Other cards in this set

Card 2

Front

Higher sales revenues, lower prices, lower production costs

Back

what are the pros of mass markets?

Card 3

Front

Niche marketing refers to a product of service that accounts for a certain kind of speciality concerning an unmet customers need

Back

Preview of the back of card 3

Card 4

Front

specialised, adaptable to change, less competitors, better customer knowledge and support

Back

Preview of the back of card 4

Card 5

Front

A market which operates online

Back

Preview of the back of card 5
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