The market is any medium where buyers and sellers interact and agree to trade at a price
Mass Maret
The dominant segment to a wider audience, its generic and targets general people
Niche Market
A small part of the overall market that has certain special characteristics; these may include providing a specialized or luxury product or service. It's used when a business focusses on a narrow or small market segment
Market Size
Is measured by (total volume)/(value of sales in a market)
Market Size
the total number of potential buyers of a product or service within a given market, and the total revenue that these sales may generate.
Market Share
The sales of one business as a percentage of total sales in the market. This is an important factor to a marketing department as it usually indicates the successes or failures of the department
Dynamic Market
A Market that is constantly changing. Sellers respond to the changing needs of buyers by improving and creating new products
Market Research
The process of collecting, collating and analyzing data about the market
Adapting to change
Market research and an understanding of general trends is essential to successfully adapt to change. Identifying subtle changes in what consumers are looking for in their products allows businesses to adapt their products to suit these needs better. Whether it be removing sugar from food products or adding features to mobiles, changing earlier than rivals offers a major source of competitive advantage.
Online retailing
buying through the internet on websites or apps (e.g amazon/shein)
USP (Unique selling point)
Something that is different from competitors
Product innovation
Refers to changes that improve design, materials, feel, look, capacity, functionality, and overall user experience. An improvement can be tangible, such as a physical product, or intangible, like software or services. Product innovation involves the creation and introduction of a good or service that is new to the market or an improved version of a previous product.
Process innovation
This means using new tech to improve production methods usually so that costs are reduced without a loss in quality.
Innovation
Major cause of change within markets
Competition
When 2+ businesses offer the same/similar products/services (e.g. Coca-cola and Pepsi)
Competitive Market
Where there are lots of businesses offering similar products (e.g airlines/hairstylists/grocery stores/tattoo stores in Bristol)
Competitive advantage
Where a business has an advantage over its competitors by being able to offer better value, quality, and/or service. (E.g airpods are considered to have a competitive advantage for their quality and design)
Risk
Concern of things that can go wrong, where the chance of mishaps can be calculated. Action is possible to reduce risk (e.g hard hats on a construction site)
Uncertainty
Unpredictable or uncontrollable and can create both minor and major problems
Contingency Plans
An activity undertaken to ensure that proper and immediate follow up steps will be taken by management and employees in an emergency
Internal sources of finance
where money is generated from within the business. They aren't relying on any external institutions or investors to help them