Theme 1 Key Terms Flashcards
(69 cards)
Brand
A symbol, logo or design that is recognisable and distinguishes a product from competitors.
Competition
The rivalry among sellers trying to achieve goals such as increasing profits, market share, and sales volume.
Competitive market
When there are many rivals selling similar products.
Competitor
A rival business operating in the same market offering similar goods or services.
Direct Competition
Businesses produce similar products that appeal to the same group of customers.
Dynamic Market
A market that is subject to rapid/continuous change.
Indirect competition
Different businesses make or sell products that are not in direct competition but compete for the same customer experience.
Innovation
The creation, development and implementation of a new product, process or service.
Market Growth
An increase in demand/sales for a particular product/service.
Market
Where buyers and sellers interact.
Market share
The % of the total market a business has in terms of volume of value.
Market Size
The total amount of sales/customers in a market measured by value/volume.
Mass Market
A large unsegmented market where mass appeal products are on sale.
Niche Market
A specialised section of the market where customers have specific needs/wants.
Online retailing
Selling goods and services on the internet.
Product innovation
The development/creation of products not previously available.
Sales Volume
The quantity of a good or service sold within a period of time. Calculation: sales revenue/selling price.
Uncertainty
The inability to predict/a lack of knowledge about future events and outcomes/reasons for uncertainty. Is caused by unexpected often external factors outside the businesses control, even though sometimes these can be predictable.
Biased questions
Where the questions do not produce findings that give a true reflection of the views on the target audience on the product or service.
Consumer behaviour
Databases
Face-to-face survey
Focus group
Government data
