Definitions Flashcards
(26 cards)
Define Mass Market.
The market for goods that are produced in large quantities.
Define Niche Market.
A small specialised market for a particular/specific product or service.
Define Market Size.
How much is sold and how much products are worth within a market.
Define Market Share.
The percentage (%) of total sales in an industry generated by a specific company.
Define Dynamic Market.
A dynamic Market is a rapidly changing business environment.
Some examples include:
Nestle , Samsung and Apple.
Define Competitive Market.
A market in which there are multiple producers that compete within the same industry to sell more and gain popularity over other companies.
Define Risk.
A risk is a decision which has a potentially negative outcome.
Define Uncertainty.
When you do not know the outcome of a decision.
Define Market orientation.
Market orientation prioritises identifying the needs and wants of consumers and further satisfying the customers.
Define Product Orientation.
Product orientation is focused on the product itself and improving quality of the product.
Define Quantitive research.
Quantitive research involves large amounts of data through surveys.
Define market Segmentation.
Segmentation is the process of dividing your target market into approachable groups.
Define market mapping.
The process of using a graph to plot competitors behaviours and spot a gap in the market.
Define Competitive advantage.
A condition or circumstance that puts a company in a favourable/superior business position.
Define differentiation.
When a product is made to be distinguishable from its competition.
Define Demand.
Demand is the quantity of a good/service that consumers are willing and able to purchase.
Define added value.
The difference between the selling and cost price of a good/service.
Define Supply.
The total of a specific good or service that is available to consumers.
Define PED (Price Elasticity of Demand).
A measure of how sensitive the quantity demanded is to its price, when the price rises, quantity demanded falls.
Define YED (Income Elasticity of Demand).
Refers to the responsiveness of demand for a product/service to a change in income of customers.
Define Design Mix.
Refers to 3 aspects of design that companies need to consider when developing a product.
Function , Cost and Aesthetic.
Define ethical supply chains.
Focuses on the need for corporate social responsibility.
Define waste minimisation.
Focuses on reducing the amount and toxicity of hazardous waste generated.
Define Branding
The promotion of a particular product or company by means of advertising.
