Please enable JavaScript.
Coggle requires JavaScript to display documents.
the market (benefits towards niche marketing (less competition, small…
the market
-
-
-
-
-
-
-
mass marketing: targeting a large part of the market or the whole market with a product that appeals to a wide range of consumers
market size: is the total sales of all the companies within a market place. measured in terms of 2 things: the number of units sold and the amount of spending.
-
-
-
disruptive technology: is where new technology has the potential to change the way the market operates
risk: something that can be planned for - outcomes are known. a risk is taken if the rewards are high. risk can be minimized by market research
uncertainty: is caused by unexpected often external factors which may be unpredictable. example: tsunamis
market size calculation:
adding together the number of items sold by all the different firms operating in the same market
or
adding together the sales revenue of all the different firms
online retail:
online retailing is growing at an astonishing rate, with online sales now accounting for around one quarter of the total retail market. this is a dynamic market which is unpredictable. retailers who ignore e-commerce may see a drop in their sales. however, a business should always consider the advantages + disadvantages of expansion
competition: occurs when two or more businesses act independently to supply goods and services to the same group of consumers. competition can be direct / indirect
direct competition: is when businesses produce similar products that appeal to the same group of consumers
indirect competition: occurs when different businesses make or sell products that are not in direct competition but compete for the same consumer expenditure