1.1.1 The Market
0.0(0)
Studied by 3 people0.0(0)
View linked note
Call with Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/7
Earn XP
Description and Tags
Study Analytics
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No study sessions yet.
8 Terms
1
New cards
Mass Market
Market for product or services that are sold or advertised to everyone at the same time in the same way.
2
New cards
Niche Market
Subset of main market that caters to specify consumer wants and needs
3
New cards
Dynamic Market
A market that is constantly changing to suit customers wants and needs
4
New cards
Direct Competition
When businesses produce similar goods or services to the same group of consumers.
5
New cards
Indirect Competition
When businesses make and sell products that are not the same but compete for the same consumers. - eg Netflix vs Cinema
6
New cards
Market Size
measured by volume of sales or value of sales
7
New cards
Market Share
Percentage of sales in a market by a business or product
8
New cards
Economies of Scale
when price per unit decreases and level of production increases