The Market

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  • Created by: Sagarika
  • Created on: 30-09-17 21:37
What is the definition of market?
any place where buyers and sellers come together to exchange goods or services, normally a exchange of money at a set price.
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what are four forms of markets?
Local, National, Physical or Electronic
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Can you give examples of these forms of marekts?
The Stock Exchange,housing market, corner shop, interent for online retailers - e.g. eBay and ASOS
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What is the definition of market size?Examples?
The total value or volume of sales in the marhet, that can be measured in money terms, e.g. £20 million or by the amount sold, e.g. 1 million cars
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What is the difinition of market share?
It is the process of total market sales that a firm has.
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How is market share calculated?
(sales of one firm/total market sales) x 100
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What are the features of a mass market?
It is targeted at a wide range of customers, the market is not segmented, the product appeals to a wide range of customers, the products are widely available through a range of market, mass media is used to advertise the products.
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Can you give examples of mass markets?
Samsung phone, Apple Iphone, Adidas shoes, Mars bars, Walkers crisp, Coca Cola.
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What are the features of a niche market?
They are identified as small, currently unsatisfied gaps in the market, Target market is well defined with distinct characteristics, promotional activities will be targetted at a small subsection of the whole market, can often charge higher prices
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Can you think of an example of a niche market?
Ferarri, because it is very expensive so it is targetted at richer audiences.
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What is a brand?
It is the creation of an identity for the business that distinguishes that firm and its products from other firms. It is a trademark that cannot be copied.
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Why is branding used?
It is used so that consumers can have a perception of what to expect from a particular brand, e.g. quality or satifaction. Branding also adds value to a product, allowing firms to charge higher prices and lead to brand loyalty.
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What can brands be?
A trademark that cannot be copied: name, shape, symbol, colour, logo.
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Other cards in this set

Card 2

Front

what are four forms of markets?

Back

Local, National, Physical or Electronic

Card 3

Front

Can you give examples of these forms of marekts?

Back

Preview of the front of card 3

Card 4

Front

What is the definition of market size?Examples?

Back

Preview of the front of card 4

Card 5

Front

What is the difinition of market share?

Back

Preview of the front of card 5
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