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Chapter 1 - Meeting customer needs - Coggle Diagram
Chapter 1 - Meeting customer needs
1 - THE MARKET
NICHE MARKET
Small amounts sold to people with specific needs
Small firms can benefit by selling to these markets
A small section of the market that is untouched by larger businesses
MASS MARKET
Businesses may compete for prices
When a business sells a product to all consumers and markets them in the same way.
All products are standardised
MARKET SHARE
: A proportion of the market held by a business, product, or brand
Allows businesses to become a market leader
businesses may follow
Influence other businesses
May become a business target
MARKET - A place where buyers and sellers can exchange goods and services
MARKETING - Activities which help a business sell its products
VALUE: The total amount spent by consumers buying products
VOLUME: Physical quantity of products produced and sold by a business
MARKET SIZE: Total amount of sales by businesses in a market.
BRAND
Used to establish or distinguish themselves in the market
Can be used to charge premium pricing over time.
Creates recognition
Product image enhanced
Creates customer loyalty
DYNAMIC MARKET: A market that is constantly changing and can affect busineses.
2 - MARKET RESEARCH
3 - MARKET POSITIONING