1.1.1 The Market

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Mass Market

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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

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Subset of main market that caters to specify consumer wants and needs

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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