100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Summary 1.1.1 - The Market: Theme 1 Business Alevel - Pearson Edexcel £4.09
Add to cart
Quickly navigate to
Preview
  2.  
  3. PEARSON (PEARSON)
  4.  
  5. Business
  6.  
  7. Unit 1 - Marketing and people

Summary

Summary 1.1.1 - The Market: Theme 1 Business Alevel - Pearson Edexcel
 843 views  0 purchase

Brief notes summarising topic 1.1.1 - The Market from Theme 1 Business Alevel using guidance from the Pearson Edexcel specification

Preview 2 out of 5  pages

Document information

  • November 27, 2021
  • 5
  • 2021/2022
  • Summary

Subjects

Written for

All documents for this subject (97)

Seller

avatar-seller
savarnaval

Content preview

1.1.1 – The Market


Mass VS Niche Markets
Mass Market = the market that is aimed at the general population e.g. regular toothpaste
Niche Market = the specialist product and is a subset of the main market that is aimed to
address a specific need e.g. Sensodyne toothpaste for sensitive teeth




Mass market products are sold to everyone in the same way…



Pros: Cons:

- Large scale production = - Lots of competition
economies of scale & lower - Can be expensive – marketing
average unit costs to different homogenous
- Marketing is straightforward = products
everyone equally targeted - High volume production – not
- Large volume of sales means flexible to demand changes
high revenue
- High rewards – put into
research and development
(R&D)



Niche market products are aimed at a particular subset of the market…



Cons:
Pros:
- Risk – as demand may not be
- Charge premium prices
constant
- Easier to target customers
- Higher unit costs – no
- Small scale production can be
economies of scale
flexible – follows trends
- Less competition

, Market Size
Can be measured through…
Volumes of scales – physical quantity of products sold
Value – total amount spent by customers




Market share:

The proportion of a market that is taken by a business, product or brand

Sale of ‘x’ X 100
Total sales
in whole




Mass market brands:
- Branding is important as it instils brand loyalty in customers
- All products are homogenous (all the same & reliable to customers) so differentiate
on branding
Niche market brands:
- For customers looking for specific, typically expensive products

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller savarnaval. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £4.09. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

48041 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now

Start selling
£4.09
  • (0)
Add to cart
Added