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Markets definition 
A place where buyers and sellers meet to exchange goods and services.
Examples of markets are:
financial markets, labour markets, goods markets, and services markets.
Marketing definition:  
The process of identifying, anticipating and satisfying customer needs profitably. Also includes helping a business sell its products
What is a mass market  
where a business sells the same product to all consumers and markets them in the same way
Advantage of a mass market 
higher sales + higher profit
large scale of products produced for a lower unit cost
Disadvantage of mass market 
Lot of competition
Spend more money on marketing
Definition of a niche market
Involves selling in a segment which has gone untouched as well as to a small customer group
Advantage of a niche market 
Avoid competition
Focus on the needs of the customer
charge premium prices
Disadvantages of a niche market 
can exploit a market causing competition
a large business can overrun a smaller business
How to estimate/ calculate 
Volume - The physical quantity of products which are produced and sold
Value - Total amount spent by the customers buying the products
Market share definition 
The proportion of a particular market that is held by a business, a product, a brand or a number of business or product
Equation for market share 
(Sales of a business / Total sales in the market) x 100%
Why is the measure of market share important 
Could indicate a business which is a market leader
might cause other to follow the the leader/influence
What is a brand name 
Products are given a brand name to be unique and distinguish themselves form other brands/products
What can branding be used for
Differentiate the product
Customer loyalty
Recognition
Develop and image
Charging a premium price
What is a dynamic market 
A market which does not remain the same over time
What are impacts of a dynamic market 
A failure to adapt can lead to a collapse in the market which could lead to a collapse in the business
What is Online retailing 
Where shoppers order goods online taking delivery at home
Benefits of online retailing
Retailers can market the goods to people who choose to shop online
It is easier to gather personal information
Marketing costs would be lower
Online retailers can reach more customers at one
Open 24/7
How do markets change
The size of a market
The nature of a market
New markets
Size of a market 
Markets can remain the same or be stable over a period of time, however it can also grow or even go into a decline
The nature of a market 
This is where they are in a state of flux. The structure and the nature of the market keep changing
New markets  
Some markets may disappear or new markets are developing. New markets may also appear because of new products have just been launched
Why might there be a growth in existing and new markets
Economic growth
Innovation
Social changes
Changes in legislation
Demographic changes
What is economic growth
The global living standards rise over time and the worlds population has more money to spend
What is innovation
Where business can create new wants and needs for customers and meet them with the use of new products in the market
What is social changes 
Where the needs of society social changes can have a bug impact on the markets.
What is changes in legislation related to innovation and market growth
New laws can affect the market such as tighter laws relating to payday had resulted firms leaving the market
How do demographic changes affect innovation and market growth
Changes in the structure of the population can affect the size of the market
Problems with adapting to change 
If a business does not adapt to market change this can cause the business to lose market share
What might help a business to adapt to market changes
Flexibility
Market research
Investment
Developing a niche
Continuous improvement and competitive environment
How does flexibility help adapt to change
Business need to be prepared for change so they may need to develop a culture of flexibility within and organisation
How does Market research help with adapting to change
Must keep in touch in development in the market and one way is to do regular market research. business need to be aware of a change in customer needs and wants.
How does investment help adapt to change
Those which invest into a new product emerging in the market or which is in development are more likely to survive in the market longer
How does continuous improvement help with adapting to change
Business need to make continuous improvement in all aspects of their operations so they can improve efficiency, cost will be lower and prices can be held or reduced
How does developing a niche help adapt to change
if a market is in decline and a business unable to diversify, it ,may survive by serving a niche. This would be for loyal customer which can be served profitably
How can competition affect the market
Business
Consumers
Definition of competition
Is the rivalry that exists which exists between business in a market
How does a business affect the competition in the market
Puts a business under pressure and may have to encourage customers to buy their product s in preference of their rivals. They may use a range of methods to attract customers such as:
lowering prices
Making products unique
Better quality products
How do consumers affect competition in the market
Consumers like completion since there will be more choices and this makes peoples lives more interesting. Customers may also enjoy better quality products and lower prices.