NCUK IFY BS Ch1 Marketing and People

Front

Define the term

‘Market’

Back

1. 1. Markets are the places where buyers and sellers meet to exchange goods.

2. 2. A market is a place where parties gather to facilitate the exchange of goods and services.

3. 3. A market is anywhere where buyers and sellers come together to transact with each other.

Front

Define the term

‘Market share’

Back

1. 1. Market share is the proportion of total sales in a particular market for which one or more businesses or brands are responsible. It can be calculated by value and volume.

2. 2. Market share is the percent of total sales in an industry generated by a particular company.

3. 3. Market share is the share of the total market owned by a particular business, product, or brand.

Front

Define the term

‘Market size’

Back

1. 1. Market size is the total volume of a given market.

2. 2. Market size is the total sales of a particular industry.

Front

Define the term

‘Market growth’

Back

Market growth is the percentage growth in the size of the market, measured over a specific time period.

Front

Define the term

'Mass market'

Back

1. 1. Mass Market is the largest groups of customers in an industry.

2. 2. The Mass Market is the dominant segment of the market, and many similar products are on offer.

Front

Define the term

'Niche market'

Back

1. 1. Niche markets are the small parts of customers with specific needs in an industry.

2. 2. Niche markets are the smaller segments of a market where customers have specific needs and wants.