The Market - Mass Market, Niche Market, Market Size, and Market Share

Vocabulary flashcards covering core market concepts, including mass and niche markets, market size, and market share.

Mass market

A large, unsegmented market where businesses sell standardized products to a broad population through high-volume mass production, allowing firms to exploit economies of scale.

Niche market

A small, specialized segment of a larger market targeted with tailored products customized to specific customer needs.

Market size

The total value or volume in a specific market, which gives the baseline benchmarks needed to calculate market share, assess market growth, and judge relative competition strength.

Market share

The proportion of total market sales owned by a business, calculated using the formula $\frac{\text{sales of business}}{\text{total market sales}} \times 100$.