The Market 1.1.1

?
What are the characteristics of a mass market?
High sales, mass production, lower costs and higher profits, long lasting and wide appeal
1 of 9
What is a niche market?
A very small segment of a much larger market
2 of 9
What are the characteristics of a niche market?
Strong appeal to a limited audience, very loyal customers, higher price
3 of 9
How can a business increase growth without boosting sales?
Boost the growth of the sector as a whole (increasing the market size)
4 of 9
What is market share?
How much of the market a company owns
5 of 9
Effective branding is important for what?
Establishing a successful niche market brand and achieving differentiation
6 of 9
What are the 4 key factors to consider in dynamic markets?
Online retailing, how markets change, innovation and market growth, adapting to change
7 of 9
How does competition affect the market?
Competition can put pressure on businesses making it hard to change prices as they want to remain competitive
8 of 9
What's the difference between risk and uncertainty?
Risk can be quantified whereas uncertainty cannot
9 of 9

Other cards in this set

Card 2

Front

What is a niche market?

Back

A very small segment of a much larger market

Card 3

Front

What are the characteristics of a niche market?

Back

Preview of the front of card 3

Card 4

Front

How can a business increase growth without boosting sales?

Back

Preview of the front of card 4

Card 5

Front

What is market share?

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Marketing and competitive environments resources »