Schedule 1 Flashcards
(9 cards)
1
Q
what is a risk?
A
future events that can be predicted
2
Q
what is uncertainty
A
Events that cannot be predicted
3
Q
Market share =?
A
Sales/ total sales x100
4
Q
Segments of a market include
A
Location, demographics, behaviour, lifestyle, income
5
Q
Benefits of segmentation
A
Easier to develop products aimed at a certain segment
Personalised advertising (can be tailored)
Increased loyalty
6
Q
Limitations of segmentation
A
Reduced market size
Loss of potential cutomers
Assumptions could be offensive
7
Q
Why is market mapping used?
A
Spot a gap in the market
Evaluate competitors
8
Q
What is competitive advantage?
A
Factors that allow production of better/ cheaper options to their rivals
9
Q
Examples of competitive advantage
A
Product design, product quality, advertisint, customer service, ethical standing
