Marketing and Dynamic Markets Review

A comprehensive set of vocabulary flashcards covering mass and niche markets, market measurement metrics, branding strategies, dynamic market conditions, and methods for business adaptation based on the lecture notes.

Mass market

The largest part of a market where products are designed to appeal to the widest possible range of consumers, allowing firms to benefit from economies of scale.

Niche market

A small, well defined segment of a larger market where firms meet specific consumer needs and can often charge premium prices due to less direct competition.

Market size

The total volume of units sold or the total value of sales revenue in a market over a given period.

Volume (Market Size)

The physical quantity of products which are produced and sold in a market.

Value (Market Size)

The total amount spent by customers buying products in a market.

Market share

The proportion of total market sales held by one firm or product, expressed as a percentage ($x \%$).

Market growth

The percentage change ($x \%$) in total market size over a given time period.

Branding

The process of creating a distinctive name logo image and reputation that differentiates a product from competitors in the minds of consumers.

Brand extension

Using an established brand name to launch products in new categories, reducing the cost and risk of entering new markets as consumers already trust the brand.

Dynamic Market

A market subject to rapid and continuous change driven by shifts in technology, consumer tastes, or competitive conditions.

Risk

A measurable probability of an outcome where a business commits resources which could be lost.

Uncertainty

Market outcomes that cannot be predicted because the business has no control over external influences.

Online retailing

The retailing of goods online, which can avoid costs like rent and staff overheads while providing global reach $24/7$.

Emerging economies

A developing country experiencing rapid economic growth, industrialization, and increasing integration into global trade, such as the BRICS nations.

Economic growth

A rise in global living standards over time, resulting in populations having more disposable income to spend on a variety of goods.

Innovation

The creation of new products to meet new wants and needs, emerging through technological research and development (R&D).

Demographic changes

Changes in the structure of the population, such as an ageing population or a population getting bigger, which helps markets to grow.

Flexibility

The use of flexible working practices, machinery, equipment, and staff to better adapt to market changes.

Market research

Ongoing communication with customers and potential customers to keep in touch with developments in the market.

Investment

Spending on new product development, training, or machinery to create a USP and survive longer in a market.

Continuous improvement

The ongoing process of making improvements to efficiency and customer service to cut costs or raise profit in a competitive environment.