Business - 4BS1 PearsonEdexcel

The Market

Gbogbo ọrọ náà

Every business operates within a market, but not every market looks the same. Some are crowded with dozens of competitors fighting over price, while others are quiet niches where a single specialist thrives. Understanding how markets work, who the customers are, and where the opportunities lie is the starting point for every commercial decision a business makes.

In this lesson you will explore what defines a market, how businesses measure its size and their share of it, and why dividing customers into segments unlocks smarter marketing. You will also compare mass-market and niche strategies and examine the ways firms compete to win and keep customers.

Ebumnobi

Understand the importance of marketing: satisfying customer needs, building customer relationships, keeping customer loyalty, market orientation and product orientation, market share and analysis, niche and mass marketing
Understand how businesses respond to changes in the market: changing customer needs, changing consumer spending patterns, increased competition
Understand how businesses use market segmentation to target customers by identifying market segments: location, demographics, lifestyle, income, age

Akọmọ Ojú-ẹkọ

A small bakery on a high street and a global smartphone maker both face the same fundamental question: who are my customers and what do they want? The bakery may rely on passing foot traffic and loyal locals, while the smartphone firm analyses data from millions of users across dozens of countries. Both need to understand their market before they can set prices, choose products, or plan advertising. Getting this wrong means wasted resources and falling behind rivals who read the market more accurately.

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Ayẹwo Ẹkọ

Ekele diri gi maka imecha ihe karịrị na The Market. Ugbu a na ị na-enyochakwa isi echiche na echiche ndị dị mkpa, ọ bụ oge iji nwalee ihe ị ma. Ngwa a na-enye ụdị ajụjụ ọmụmụ dị iche iche emebere iji kwado nghọta gị wee nyere gị aka ịmata otú ị ghọtara ihe ndị a kụziri.

Ị ga-ahụ ngwakọta nke ụdị ajụjụ dị iche iche, gụnyere ajụjụ chọrọ ịhọrọ otu n’ime ọtụtụ azịza, ajụjụ chọrọ mkpirisi azịza, na ajụjụ ede ede. A na-arụpụta ajụjụ ọ bụla nke ọma iji nwalee akụkụ dị iche iche nke ihe ọmụma gị na nkà nke ịtụgharị uche.

Jiri akụkụ a nke nyocha ka ohere iji kụziere ihe ị matara banyere isiokwu ahụ ma chọpụta ebe ọ bụla ị nwere ike ịchọ ọmụmụ ihe ọzọ. Ekwela ka nsogbu ọ bụla ị na-eche ihu mee ka ị daa mba; kama, lee ha anya dị ka ohere maka ịzụlite onwe gị na imeziwanye.

What does 'market share' measure? A) The total revenue of a market B) The percentage of total market sales held by one business C) The number of competitors in a market D) The growth rate of a market Answer: B
Which of the following is an example of market segmentation by income? A) A car maker producing left-hand and right-hand drive models B) An airline offering economy and business class tickets C) A clothing brand targeting teenagers D) A restaurant chain opening in a new city Answer: B
A niche market is best described as: A) A market with many competitors selling identical products B) A small, specialised segment with specific customer needs C) The total number of products sold in a country D) A market controlled by the government Answer: B
If a business has sales of $200 million in a market worth $1 billion, what is its market share? A) 2% B) 5% C) 20% D) 50% Answer: C
Which of the following is NOT a way businesses typically compete? A) Price B) Quality C) Reducing staff wages D) Customer service Answer: C