the market 2 Flashcards
1
Q
define dynamic market
A
one that is subject to rapid or continuous changes
2
Q
how does a business make sure they keep up with dynamic markets?
A
- being flexible in the way the business operates
- market research to have a better understanding of the market
- continuous improvement
- investment in new technology, people, products
3
Q
what is the market share
A
the proportion % of a market that is taken by a business, product brand
- it can be used as a measure of success
4
Q
market share formula
A
sales of a business
—————————- X 100
total sales in the market
5
Q
market size can be measured through;
A
- volume of sales
- value
6
Q
define qualitative data
A
information that cannot be expressed as numbers
- words, objects, pictures
7
Q
define quantitative data
A
data that can be expressed as a number or statistic
