Brand
A symbol, logo or design that is recognisable and
distinguishes a product from competitors
Competition
The rivalry among sellers trying to achieve goals such as
increasing profits, market share, and sales volume
Competitive market
When there are many rivals selling similar products
Competitor
A rival business operating in the same market offering similar
goods or services
Direct competition
Businesses produce similar products that appeal to the same
group of customers
Dynamic market
A market that is subject to rapid/continuous change.
Indirect competition
Different businesses make or sell products that are not in
direct competition but compete for the same customer
experience e.g. Netflix and the local cinema
Innovation
The creation, development and implementation of a new
product, process or service.
Market
Where buyers and sellers interact
Market Growth
An increase in demand/sales for a particular product/service
Market share
The % of the total market a business has in terms of volume
or value
Mass market
A large unsegmented market where mass appeal products
are on sale
Market size
The total amount of sales/customers in a market measured
by value/volume
Niche market
A smaller, specialised section of a larger market, where customers have specific needs and wants
Product innovation
The development/creation of products not previously
available
Sales volume
The quantity of a good or service sold within a period of time.
Calculation: Sales Volume=
Sales revenue/selling price
Market orientation
When a business’s products/services are based around the
needs and wants of the customer.
Market research
Gathering, presenting and analysing information about
products/customers
Market Segmentation
Dividing a whole market into particular customer groups that have similar characterisitcs
Market Segments
An identifiable group of individuals/a part of the market where
consumers share one or more characteristic or need
Primary market
research
Obtaining data first hand by the business to match the
specific needs of the business. It can also be known as field
research
Product orientation
When a business prioritises a product’s design quality or
performance rather than meeting customer preferences to
guide production and marketing decisions
Qualitative
research
Market research collected relating to the opinions and beliefs
of consumers . Data not presented numerically.
Quantitative
research data
Numerical information gathered and can be presented and
analysed using graphs, charts, table etc
