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Quick intro to the market for A-Level Business
What is the market?
Place that buyers and sellers come together to exchange products
What is the mass market?
Targeted at a wide range of people
Are mass markets highly competitive?
Yes
What is a niche market?
Small segment of a larger market
Are products usually unique in niche markets?
Yes
Which type of market can charge higher prices: mass or niche?
Niche
What is the size of the market?
Number of potential customers for a product
What is market share?
Proportion of market sales made by a business in comparison to others
What is market segmentation?
Dividing a market into groups
What can market segments be based on?
Demographic
Geographic
Psychographic
Behavioural factors
What is market positioning?
How a product is differentiated (quality/price map)
What is market orientation?
Focusing on customers
