Theme 1 - 1.1.1

Theme 1 - 1.1.1

1. Mass market

   • A product targeted at a wide range of people
     • Examples of mass market products
       • PG tips
       • Caburys
       • Coke Cola
       • Andrex toilet paper
       • Walkers crisps
       • Cereal
       • Water (bottled)

2. Niche market

   • identifying small, currently unsatisfied, gaps in the market (targeting people with high income)
     • Example of niche market products
       • Designer bags
       • Rolex watches
       • Tailored suits
       • Customised products
       • Makeup brands
       • Customised products

3. Differences between mass market and niche market

   • Mass markets
     • Many customers
     • Cheap
     • Everyday products
     • Sold in many places
   • Niche markets
     • Few customers
     • Expensive
     • Luxury products
     • Sold in certain places

4. Market size

   • Total number of sales in the market
     • Calculated as: number of units sold X price

5. Market share

   • Promotion of total market sales that a firm has
     • Calculated as: sales of one firm/total market sales X 100

6. Brands

   • Major brand examples
     • Mac
     • McDonalds
     • Pandora
     • Nike
     • Adidas
     • Thompson travel agents
   • Importance to brands
     • Images
     • Colour
     • Logo
     • Shape
     • Symbols
     • Celebrity endorsement

7. Dynamic market

   • Something that changes quickly
     • Market growth is the percentage increase in the size of market
       • Calculated as: (difference in the size of the market/original size) X 100
   • How competition will effect the market
     • Price
     • Selling power
     • Buying power
     • Avaibility
     • Willingness and ability of new firms entering the market

8. Risks and uncertainty

   • Both risk uncertainty deal with the unknown
   • Risks
     • Measurable
     • Add probability
   • Uncertainty
     • Measurable
     • Cant add probableity