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 The Market £3.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. PEARSON (PEARSON)
  4.  
  5. Business
  6.  
  7. Unit 1 - Marketing and people

Summary

Summary The Market
 20 views  0 purchase

Provides a definition of niche and mass markets, as well as advantages and disadvantages of both. Also explains market size and market share, dynamic markets, how competition affects the market, and risk and uncertainty.

Preview 1 out of 2  pages

Document information

  • September 27, 2020
  • 2
  • 2019/2020
  • Summary

Subjects

Written for

All documents for this subject (97)

Seller

avatar-seller
emily1744

Reviews received

Content preview

Theme 1 Topic 9
The Market
Mass and Niche Markets
Niche Marketing – targeting a relatively small segment of the market e.g. selling a judo magazine

Advantages Disadvantages
 Charge higher prices  Less customers/sales
 Less competition  Changes in demand make them vulnerable
 Easier to maintain quality  Large firms may join market


Mass Marketing – targeting a large part of the market or the whole market with a product that appeals to a
wide range of customers

Advantages Disadvantages
 More customers/sales available  Smaller market share
 More profit overall  Sell for less
 Smaller businesses unable to enter market  Changes in demand lead to half empty
warehouses


Market Size
Market Size – the total sales of all the companies within a market-place

The size of a market can be measured by:

 The number of items sold by all the businesses in the market (volume of sales)
 The amount of spending by all the customers in the market (the value of sales)

Market size is calculated by:

 Adding together the number of items sold by all the different firms operating in a particular market

Or

 Adding together the sales revenue of all the different firms operating in a particular market



Market Share
Market Share – the percentage of total market sales held by one firm

Market Share (%) = The product’s or firm’s sales x100
Total market sales

Market share is an important measure of performance when it comes to marketing and is often a marketing
objective that a business will set for itself. By increasing its market share, a firm will be performing better
relative to its competitors.

A market leader is the business with the largest market share.

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 emily1744. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £3.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

52355 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now

Start selling
£3.49
  • (0)
Add to cart
Added