Studied by 0 people
mass market
products aimed at the whole market and produced in large quantities and is widely available
niche market
products aimed at a smaller section of the market and are produced in smaller quantities and targeted towards groups of people
market size
the total sales in a market in a year
dynamic markets
a market that is in a rapidly changing business environment
direct competition
rivals selling the same type of product e.g. dominos vs pizza hut or coca cola vs pepsi
indirect competition
businesses selling different products but satisfying the same need e.g. sandwiches vs pizza
risk
can be anticipated and measured and is affected by internal issues in the company
uncertainty
difficult to predict and cannot be measured and is affected by external events
product orientation
focus on the product and then advertising e.g. dyson and apple
market orientation
focus on the customers wants and needs e.g. ASDA’s chosen by you range
primary research
gathering of “new” information which does not already exist
secondary research
the gathering of data that is already in existance
qualitative data
data about attitudes, opinions, beliefs or customers
quantitative data
statistical data that can be measured (
market segmentation
dividing the market up into types of customers with similar lifestyles and buying habits
market positioning
process of using a graph to plot competitors and their products to understand the market and spot a gap in the market
competitive advantage
a way a company can gain an advantage by being different to generate sales and more profit
product differentiation
ways a company makes their product different to other competitors for various reasons to allow for higher prices, newer versions and gain brand recognition
added value
the difference between the cost of production and the selling price to the customer
Note 
Flashcard (70)