The Market (1.1.1) 0.0 / 5 ? Business StudiesMarketsA2/A-levelNone Created by: Rose356Created on: 28-09-19 15:03 A Market When a consumer purchases a commodity from a producer 1 of 20 Market Leader The company who sells the most products in their specific market 2 of 20 Niche Markets A specialised, small company which produces particular produts/services 3 of 20 Mass Markets A large market which produces a variety of products in bulk 4 of 20 Market Size The amount of consumers in a market segment 5 of 20 Market Dominance The company that sells the most products due to the quality in comparison to the competitors 6 of 20 Stable Markets The pace of a market is slow 7 of 20 Dynamic Markets The pace of the market is frequent due to comsumers and producers 8 of 20 Market Share A portion of the market which a company/product controls 9 of 20 Market Growth Increase/decrease of the market size for a product/service over time - % change in total sales 10 of 20 Competitive Market Lots of producers compete with each other for consumers. Each producer will try and satisfy the wants and needs such as prices 11 of 20 Market Orientation When a company focusses on the market when they produce a product to ensure that it fits to the needs of the consumers 12 of 20 Product Orientation When a company focusses on the product and not the demands of the market 13 of 20 Economies of Scale Savings in cost gained by increased production levels 14 of 20 1st Mover Advantage A company in a new market has the advantage as it has no competition and can control the resources 15 of 20 Monopoly Exclusive control of the supply in a service 16 of 20 Brand A particular product made and sold buy a particular company 17 of 20 Risk The uncertainty in profits, loss and future events which can cause a business to fail 18 of 20 Innovation When a company takes a new/existing product to improve it 19 of 20 Uncertainty Lack of knowledge of the rise/fall of profits and future events 20 of 20
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