Markets

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Oligopoly
Just one business in a market.
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Perfect Competition
Large number of small businesses.
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Monopolistic Competition
Many small businesses competing in the market.
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Monopoly
A few businesses dominating the market.
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Mass Market
Market that is for goods that are produced in large quantities.
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Niche Market
A business that concentrates its entire efforts on serving one segment of the market.
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Consumer Market
A market of sales between customers and businesses. B2C.
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Trade / Industrial Market
A market of sales of goods between businesses. B2B.
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Seasonal Market
This is products that are sold during a particular season.
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Market Segementation
This is the information used from market research broken down into sub-groups with similar characteristics and then developing products or services for each segment.
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Market Size
This is the proportion of a particular market by a business.
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Local Market
Where customers are a short distance from their suppliers.
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National Market
Where customers are spread throughout the country or large area.
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Global Market
A market where trade happens globally.
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Consumer Protection
These are laws designed to protect the consumers from unscrupulous firms.
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Goods
Something tangible.
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Services
Something intangible.
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Product
Anything that satisfies a need or want of a customer.
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Demand
The quality of goods and services that will be bought at any given price.
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Supply
A stock or amount of something supplied or available for use.
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Complementary Goods
Goods / products that go well together.
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Consumer Goods
Satisfying a need / want made for households.
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Producer Goods
Used in production. Often to help make consumer goods.
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Elasticity
How responsive the change in our quantity demanded is changing due to a variable.
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Equilibrium Price
This is where the buyers and sellers meet and agree on a price for a product / service.
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Niche / Concentration Marketing
This is concerned with targeting one particular, well-defined group of customers (a niche) within the overall market. 
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Mass / Undifferentiated Marketing
This is concerned with selling a single product to the whole market.
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Differentiated / Selective Marketing
This is concerned with targeting each segment with a product with its own marketing mix designed to match the needs of the consumers within the segment. 
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Other cards in this set

Card 2

Front

Large number of small businesses.

Back

Perfect Competition

Card 3

Front

Many small businesses competing in the market.

Back

Preview of the back of card 3

Card 4

Front

A few businesses dominating the market.

Back

Preview of the back of card 4

Card 5

Front

Market that is for goods that are produced in large quantities.

Back

Preview of the back of card 5
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