Theme 1: Topic 9 0.0 / 5 ? Business StudiesThe marketA2/A-levelEdexcel Created by: psinfieldCreated on: 20-01-19 15:46 What is niche marketing? Targeting a relatively small segment of the market. 1 of 16 What are the advantages of niche marketing? Loyal customers, less competition, could be a monopoly, pricing elastic 2 of 16 What are the disadvantages of niche marketing? Smaller target market (less potential customers), hard to find suppliers, other firms could enter, could go out of trend. 3 of 16 What is mass marketing? Targeting a large part of the market or the whole market with a product that appeals to a large range of customers. 4 of 16 What are the benefits of mass marketing? More potential customers, lots of suppliers, cost saving (cheaper to make large quantities) 5 of 16 What are the disadvantages of mass marketing? More competition, low profit margin. 6 of 16 What is market size? The total sales of all the companies within a market place, the number of items sold is volume, the amount of spending is value. 7 of 16 What is a dynamic market? A dynamic market is one with the potential to rapidly change - an example is online retailing. 8 of 16 What is disruptive technology? Where new technology has the potential to change the way a market operates. 9 of 16 What are the advantages of online retail for businesses? Easy access to market, reduced overheads, potential for rapid growth, widen your market/export, customer intelligence. 10 of 16 What are the disadvantages of online retail for businesses? Website costs, infrastructure costs, security/fraud and customer trust. 11 of 16 What is competition? It occurs when two or more businesses act independently to supply goods and services to the same group of consumers. 12 of 16 What is direct competition? When businesses produce similar products that appeal to the same group of consumers. 13 of 16 What is indirect competition? When different businesses make or sell products that are not in direct competition but compete for the same consumer expenditure. 14 of 16 What are economies of scale? Where costs per unit fall due to a firm operating at a higher level of output. 15 of 16 What is an oligopoly Where a few large firms dominate the market. 16 of 16
5 strategies for the BUSS4 pre-release - AQA A2 Business Studies BUSS4 pre-release 2014 - China - Business Review 0.0 / 5
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