Theme 1 Key terms definitions Flashcards
Define Mass Market –
A market that sells to a large number of customers with similar needs, using standardised products
Define niche market
A small, specialised segment of a larger market that targets specific customer needs.
What is market share, and the formula
The percentage of total sales in a market that is controlled by one business, calculated as (Sales of a business ÷ Total market sales) × 100.
What is market size?
The total value or volume of sales in a market.
what is a dynamic market?
A market that constantly changes due to trends, technology, and consumer preferences.
What is market segmentaion?
Dividing a market into groups based on characteristics like age, gender, income, or lifestyle.
what is Branding?
The process of creating a unique identity for a product or business to differentiate it from competitor
Define added value
The difference between the selling price of a product and the cost of raw materials.
what is Autocratic leadership
The leader makes all decisions without input from others. Communication is one-way
what is Democratic leadership
The leader involves the team in decision-making. Communication is two-way and encourages participation
define Laissez-faire leadership
The leader gives little guidance and allows employees to make decisions. Best when staff are skilled and motivated.
Paternalistic leadership
The leader makes decisions but considers the needs of employees. Like a “parent” figure — caring but still in control
what is Product life cycle
The stages a product goes through: introduction, growth, maturity, and decline.
