1.1.1 The Market
Cards (5)
- Mass Market : intention that everyone should be the consumer of a product & the product is marketed to all in the same way
- large target market
- very competitive
- Niche Market : a subset of the main market which addresses a specialist need
- can focus on needs of the customer
- fewer competitors
- small target market
- Dynamic markets : markets that change and evolve quickly
- Ways markets change:
- consumer preferences
- innovation
- competitors
- changes in legislation
- Online retailing : selling product via the internet