1.1.1 The Market

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