THEME ONE MARKETING & PEOPLE

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Define a market
A market is any place buyers and sellers will come together to exchange goods or services. This is usually an exchange of money at a set price.
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Define mass markets
When a business targets the whole of a market rather than a particular segment. This can give a business a high volume of sales but often at lower prices.
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Define niche markets
When a business targets a s small subsection or previously unexploited gap in a larger market. It focuses on a specific need such as a specialist or luxury good or service.
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Define market size
This is the total value or volume of sales in the market. It can be measure in money terms or by the amount sold. It is calculated as number of units sold x price.
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Define market share
This is the proportion of total market sales that a firm has. To increase market share is a likely marketing objective for businesses wanting to grow. It is calculated as (sales of one business / total market sales) x 100
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Other cards in this set

Card 2

Front

When a business targets the whole of a market rather than a particular segment. This can give a business a high volume of sales but often at lower prices.

Back

Define mass markets

Card 3

Front

When a business targets a s small subsection or previously unexploited gap in a larger market. It focuses on a specific need such as a specialist or luxury good or service.

Back

Preview of the back of card 3

Card 4

Front

This is the total value or volume of sales in the market. It can be measure in money terms or by the amount sold. It is calculated as number of units sold x price.

Back

Preview of the back of card 4

Card 5

Front

This is the proportion of total market sales that a firm has. To increase market share is a likely marketing objective for businesses wanting to grow. It is calculated as (sales of one business / total market sales) x 100

Back

Preview of the back of card 5

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