1.1.1 - theme 1 Flashcards
(18 cards)
What is a Brand?
A symbol, logo or design that is recognisable and distinguishes a product from competitors.
What is Competition?
The rivalry among sellers trying to achieve goals such as increasing profits, market share, and sales volume.
What is a Competitive market?
When there are many rivals selling similar products.
What is a Competitor?
A rival business operating in the same market offering similar goods or services.
What is Direct competition?
Businesses produce similar products that appeal to the same group of customers.
What is a Dynamic market?
A market that is subject to rapid/continuous change.
What is Indirect competition?
Different businesses make or sell products that are not in direct competition but compete for the same customer experience.
What is Innovation?
The creation, development and implementation of a new product, process or service.
What is a Market?
Where buyers and sellers interact.
What is Market growth?
An increase in demand/sales for a particular product/service.
What is Market share?
The % of the total market a business has in terms of volume or value.
What is Market size?
The total amount of sales/customers in a market measured by value/volume.
What is a Mass market?
A large unsegmented market where mass appeal products are on sale.
What is a Niche market?
A specialist area of the market/is a subset of the market on which a specific product focuses.
What is Online retailing?
Selling goods and services on the internet.
What is Product innovation?
The development/creation of products not previously available.
What is Sales volume?
The quantity of a good or service sold within a period of time.
What is Uncertainty?
The inability to predict/a lack of knowledge about future events and outcomes.
