Miss Powell Class topics The market Flashcards

1
Q

what is mass market?

A

market for goods that are produced in large quantities

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2
Q

What are generic brands?

A

brands that are very well known that customers say the brand when they mean the product, e.g ‘Coke’

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3
Q

What does mass marketing lead to?

A

High sales
Mass production
lower costs and higher profits

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4
Q

What is a niche market?

A

a small segment of a large market

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5
Q

What is niche marketing?

A

a special product that is designed to meet specific needs of these consumers

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6
Q

What is economies of scale?

A

Factors that cause costs per unit to fall when a firm operates at a higher level of production

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7
Q

What is market share?

A

the product of the marketing department’s success or failure

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8
Q

describe product differentiation

A

the level at which consumers perceive your brand as being different from others

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9
Q

Dynamic markets are always…..

A

changing

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10
Q

explain franchise

A

a business that sells the rights to the use of its name and trading methods to local business’

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