Business Theme 1 re-cap

What is a Niche Market

• A market with only a specific product.

• A market with one business in it.

• A cash cow.

• A star.

Examples of Primary research

• Books

• Newspapers

• Your own survey

• Focus Groups

Examples of Secondary research

• Focus Groups

• Books

• The Internet

• Magazines

• Interviews

Equation for market share is

• Sales of product / total market sales x 100

• Sales of product / total sales x 100

• Costs of product / total market sales x 100

• Revenue – Expenses

What is segmentation?

• Dividing customers into groups based on preferences

• Dividing customers into groups based on income

• Diving employees into different departments

• Dividing shareholders into specialized groups

What type of data is size of the market measured in?

• Qualitative data

• Quantitative data

What is e-commerce

• Commercial transactions conducted electronically on the Internet.

• Transactions conducted on a mobile phone.

Revenue - …………….. = Gross Profit

• Cost of Sales

• Fixed Costs

• Variable Costs

• Total Costs

What is the main purpose of branding in business?

• To increase competition
• To communicate identity
• To confuse consumers
• To decrease market share

How can a strong brand benefit companies?

• By decreasing trust
• By increasing loyalty
• By reducing sales
• By discouraging repeat purchases