Any place that buyers and sellers will come together in order to exchange goods or services. This will normally be an exchange of money at a set price.
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Mass Market
Products that are targeted at a wide range of people and are widely available through of range of markets.
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Niche Market
The target market is well defined with distinct characteristics and promotional activities will be targeted at just a small subsection of the whole market.
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Market Size
The total value of volume of sales in the market. It can be measured in money terms or by the amount sold.
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Market Share
The proportion of total market sales that a firm has.
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Brand
A product produced by a business using a specific name, creating an identity for a business.
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Benefits of Building a Brand
Helps build customer loyalty and repeat business as well as adding value, allowing a business to charge higher prices.
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Brand Extension
Adding new product ranges to a recognised brand name, which means consumers familiar with or loyal to the brand and will be more willing to try new products.
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Brand Value
The brand name itself adds value to the product. It is therefore said to have a money value and less has to be spent on advertising once established.
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Brand Personality
Brands almost take on a persona of their own, we associate them with human characteristics.
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Dynamic Markets
Markets are always changing and businesses have to adapt to their marketing response to these changes.
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Online Retailing
The process of buying and selling goods or services over the internet.
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Innovation
A new idea or invention is launched onto the market normally with a view to financial gains.
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Risks
It is possible to add a probability to quantify the degree of risk. It is measurable.
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Uncertainties
It is not possible to add a quantifiable probability as it is too unpredictable. It is not measurable.
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Porter's 5 Forces
The price a business is able to charge, the buying power a consumer has, the selling power of a supplier, availability of substitutes and the willingness and ability of new firms to enter the market.
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Product Orientation
An inward looking approach to new product development where they key focus is on what products can be made and the production process.
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Market Orientation
An outward looking approach to new product development where they key focus is on what products the consumer wants.
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Market Research
Collection and analysis of data and information to inform a business about its market.
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Qualitative Research
The gathering of non-statistical information that gives a company in-depth insight into the reasons for human behaviour.
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Quantitative Research
The gathering of statistical data to inform the company about people's behaviour, but does not identify the reasons.
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Random Sampling
A sample is selected for study from a population where each individual is chosen entirely by chance and has an equal chance of being selected.
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Quota Sampling
The population is first segmented into subgroups before a judgement is made in selecting respondents that are representative of that subgroup.
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Stratified Sampling
The population is first segmented into subgroups before respondents are randomly selected from within that subgroup.
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Market Segmentation
When the market is split into subgroups of consumers with similar characteristics.
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Other cards in this set
Card 2
Front
Products that are targeted at a wide range of people and are widely available through of range of markets.
Back
Mass Market
Card 3
Front
The target market is well defined with distinct characteristics and promotional activities will be targeted at just a small subsection of the whole market.
Back
Card 4
Front
The total value of volume of sales in the market. It can be measured in money terms or by the amount sold.
Back
Card 5
Front
The proportion of total market sales that a firm has.
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