Studied by 2 people
Mass Market
Market for product or services that are sold or advertised to everyone at the same time in the same way.
Niche Market
Subset of main market that caters to specify consumer wants and needs
Dynamic Market
A market that is constantly changing to suit customers wants and needs
Direct Competition
When businesses produce similar goods or services to the same group of consumers.
Indirect Competition
When businesses make and sell products that are not the same but compete for the same consumers. - eg Netflix vs Cinema
Market Size
measured by volume of sales or value of sales
Market Share
Percentage of sales in a market by a business or product
Economies of Scale
when price per unit decreases and level of production increases
Note 
Flashcard (104)