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1.1.1 The market MatchUp
Target Level
C
Running Total
0
0%
Attempt
1 of 3
Drag each of the top boxes to its matching pair. You must match all the pairs before clicking ‘Check’.
This is the total sales revenue of all competitors in the market and this is expressed in £, for example the UK grocery market is currently worth £190billion.
An event which is not planned for or expected which will have a positive or negative impact on business e.g. Covid19
This is a market which sells products and services to all consumers in the same way e.g. Coca Cola advertising on TV
This is the proportion of the market that the business has in terms of sales revenue and is expressed as a percentage. E.g. Tesco has 28.1% of the UK grocery market
This is a market which constantly changes and consumer tastes and trends change often e.g. 22 seasons in fast fashion retailers
Where many businesses produce or sell goods and services which meet the same customer's needs e.g. supermarkets
An event in business that can be planned for, which can have a negative or positive outcome, but where the odds of the outcome are known.
Where more than one business produces or sells the same (or similar) products or services to the same customers. E.g. Starbucks and Costa
Where many businesses compete for the consumers disposable income e.g. Cinema vs Netflix
This is a subset of a main market and sells or produces products or services for a specific market segment e.g. Rolex watches for the very rich
What is direct competition?
What is indirect competition?
What is risk?
What is uncertainty?
What is a mass market?
What is a niche market?
What is market share?
What is market size?
What is a dynamic market?
What is competition?