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business revision marketing and people - Coggle Diagram
business revision marketing and people
mass market
attempt to create products or services with universal appeal
cycle
mass marketing > high sales > mass production > lower costs,higher profit REPEAT
example coke, mcdonalds
niche marketing
niche marketing small segment of a much larger market
niche operators lack the economics of scale to compete on price with larger operators
example shoes for nurses
market share
high market share
means you have a high amount of the overall percentage sales in a market coming from you
can be beneficial since it means you would be making a large amount of money ,but leaves you vulnerable
risk of being accused of a monopoly
lower market share
means you have a low amount of the overall percentage sales in a market coming from you
means you wont make a lot of money ,but there are many ways to get up and leaves you with a lot of potential
market share is effected by product marketing succs
companies should be optimistic when trying to increase market share with certain strategies
sales of firm/ total market sales times 100
dynamic markets
example
online reatialing m dynamic but unpredictable
a dynamic market is one that is in a changing business environment where we see different factors effect the success of the market
what creates a dynamic market
innovation
brings new life to a market causing rapid change
adapting to change
companies will always need to change to be able to stay in a market with many rivals
customers needs will change over time
market size
external factors that change the size
weather
state of econamy
political
needs of consumers
sales growth
change in total sales / total sales in first year times 100.
market size is the number of people who can be potential customers
sales/market share times 100
market growth
change in market / original size of market times 100
risk and uncertainty
risk
risks are things that are not expected ,but can be quantified for example you factory being flooded
uncertainty
is being unsure of factors influencing sales meaning you don't know what will happen with a business in terms of sales and growth.