key terms

• Niche market

  the smallest segment of a larger market, where customers have specific needs and wants
• Mass market

  largest part of the market, where customers needs and wants are less specific and products have an universal appeal
• Market size

  the overall size(volume/value) or demand for a specific market
• Market growth

  the percentage rate of growth in market size over a period
• Market share

  sales in a business/overall sales in the market x 100
• Brand

  a name, logo, or image which helps one product/service stand out from its competitors
• Competitive advantage

  the ability of a business to add more value for its customers than its rivals
• Dynamic market

  a market that is subject to rapid or continuous change
• Innovation

  putting new ideas/designs to action