The Market 1.1.1 0.0 / 5 ? Business StudiesMarketing and competitive environmentsASEdexcel Created by: Harriso123Created on: 24-03-17 09:42 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
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