Flashcards
1.3.3 Evaluating a Business Opportunity 2/4
Cards in this deck (14)
- 1Four things to consider when assessing the demand for a productSize of the Market
Market Niches
Potential Market Growth
Existing Market Segments - 2How do you calculate Market Size?Price per unit X Amount sold
- 3Market size can be calculated using...Value or Volume
- 4Definition of Market ShareThe portion of a particular market that is held by a business, product, brand OR a number of businesses and products.
- 5How is Market Share calculated?Sales / Total market Sales X 100%
- 6Market growth refers to...an increase in the size of the market for a particular product
- 7Definition of Market SegmentationGrouping consumers with similar characteristics together into more manageable chunks
- 8Four ways market segmentation can be doneGeographic
Demographic
Psychographic
Behaviouristic - 9Example of Geographic SegmentationDifferent COuntries
- 10Three examples of Demographic SegmentationAge
Gender
Income - 11Example of Psychographic SegmentationSocial Class
- 12Example of Behaviouistic SegmentationHow often people buy...
- 13What is a Niche Market?A small segment of a large market. Requires specialist products
- 14Two advantages and Disadvantages of a Niche MarketA- Can charge Higher prices
A- Little/No competition
D- Fewer potential customers
D- May get taken over by larger companies
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- A Level Business Studies (Developing Business Ideas) Flashcards on 1.3.3 Evaluating a Business Opportunity 2/4, created by Molly Hills on 13/11/2014.
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