1.1.1 The Market
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8 Terms
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Mass Market
Market for product or services that are sold or advertised to everyone at the same time in the same way.
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Niche Market
Subset of main market that caters to specify consumer wants and needs
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Dynamic Market
A market that is constantly changing to suit customers wants and needs
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Direct Competition
When businesses produce similar goods or services to the same group of consumers.
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Indirect Competition
When businesses make and sell products that are not the same but compete for the same consumers. - eg Netflix vs Cinema
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Market Size
measured by volume of sales or value of sales
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Market Share
Percentage of sales in a market by a business or product
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Economies of Scale
when price per unit decreases and level of production increases
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