Business Studies

A mass market is a larger industry where similar products are sold by competitors and consumer needs are more general.

is a smaller segment of a larger market where consumer needs are more sepcific.

A market that is constantly changing

consumers make up the majority of the market. High production output. consumer needs that aren't being met. consumer needs are more general. business success is associated with low cost.

High promotional cost, High production cost and lots of competition.

Loyal consumer base, Low promotional spend, Less competition and more likely to have satisfied consumers as products are tailored to their needs.

vulnerable to the dynamic nature of the marketplace, constant changes in consumer demand

is information that you carry out for your target market your own.

information that has already been collected for businesses to use.

Questionnaire, surveys, Focus groups and observations

Market reports and newspapers

is research a business carries out to understand more about consumers and make more informed business decisions.

is a company with limited liability, where not any individual can become a shareholder

is a company, with limited liability, where shares can be listed on the stock market to raise finance.

is a single individual that runs the operations of a business.

two or more individuals agree to finance business activities and run the business together.

illustrates the range of positions a product can take up in the market, based on two dimensions that is important to customers.

Breaking down the market into sub categories, to help find areas in the market to target.