Notesale: Turn your study into money

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Market; Buyers and sellers meet to exchange goods or money
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Niche Market; Market on a smaller scale (less buyers and sellers)
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g
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g
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Morgan; hand builds cars to meet the buyers needs / specification

Brand; image for a firm - more important in mass markets as there are more different brands to compete
with
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Broad-brush approach to advertising however half of the advertising spend is mostly on consumers who
have no need/interest for the products being promoted
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A large firm could operate in a niche market but they must be flexible and willing to risk the losses
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Market size depends on;
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How customers are spending in a particular market
The number of customers
Volume of sales
Individual transactions

Market share is the percentage share of the market accounted for by one company
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Markets can grow positively and negatively
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Innovation leads to market growth – e
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cassettes to CDs; better sound quality
People will only buy new technology if it appeals to them
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Show rooming; keeping the high street presence; people go and view the good but buy the products online
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Customers are grouped by characteristics into identified categories:
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This can be very expensive
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Risks are known because they are foreseeable and quantifiable – e
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insurance
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Dynamic business; the nature of the market is changing due to demographics

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