A market is a place where buyers and sellers meet to exchange products and services. Mass marketing is an approach which targets the entire market and aims to appeal to all customer groups, while niche marketing involves targeting a smaller segment of a larger market with specific customer characteristics. Market size is the volume or value of sales in an entire market, while market share measures the proportion of sales held by an individual business. Having a clear brand with identifiable characteristics is important in developing a niche or differentiating a business in a mass market.
Businesses need to be alive to the fact that some markets are constantly in a state of change and development. Possible considerations include online retailing, adapting to how markets change, including in accordance with trends and fashion, and innovation by process and product are key drivers of market growth.
Risk is the chance of incurring a misfortune or loss. Uncertainty is where there is a lack of knowledge making events, outcomes or consequences unpredictable. Being successful in business is about managing risk and uncertainty in order to gain rewards (usually in the form of profits)
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