create a podcase that would help me learn the below section of my business studies course; # The market ## Key points 1. Mass markets and niche markets: * characteristics * market size and market share * brands. 2. Dynamic markets: * online retailing * how markets change * innovation and market growth * adapting to change. 3. How competition affects the market. 4. The difference between risk and uncertainty. --- ## Getting started The market for holidays has changed dramatically over time. In the 1960s a typical holiday for a UK person might have been an annual two-week family trip to the seaside at Blackpool, Scarborough or Brighton, staying in a caravan, a holiday camp or small hotel. Today people might take several holidays a year and the choice of destination, duration and style is enormous. Holidays can range from a weekend break with friends in an Eastern European city, such as Prague, or a romantic mini-break for two in Paris, to a fortnight in the sun in the Caribbean, or a camping expedition in the Lake District. There are specialist holidays, such as trekking in the Atlas Mountains, golfing trips in Dubai or white-water rafting down the River Wye, and theme-park holidays, such as Disneyland®. Increasingly people are going to long-haul destinations, such as Australia, China and South Africa. How has the market for holidays changed over time? What might have caused these market changes? How do people choose their holiday destinations? What role does the internet play in the sale of holidays by businesses? --- ## Markets and marketing Businesses make money by selling their goods and services in markets. Historically, markets were places where buyers and sellers would meet to exchange goods. However, today it is possible to trade goods and services without buyers and sellers meeting up. For example, trading can be done over the telephone, using newspapers, through mail order or on the internet. Some examples of markets are given below. * Consumer goods markets – where products such as food, cosmetics and magazines are sold. * Markets for services – this can include services for individuals, such as hairdressing, or business services, such as auditing. * The housing market – where people buy, sell and let property. * Commodity markets – where raw materials such as oil, copper, wheat and coffee are traded. * Financial markets – where currencies and financial products are traded. --- ## Marketing Marketing involves a range of activities that help a business sell its products. However, marketing is not just about selling, it involves: * identifying the needs and wants of consumers * designing products that meet these needs * understanding the threats from competitors * telling customers about products * charging the right price * persuading customers to buy products * making products available in convenient locations. According to the Chartered Institute of Marketing, ‘Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably’. --- # The characteristics of mass markets and niche markets Some businesses sell their products to mass markets. This is when a business sells the same products to all consumers and markets them in the same way. Fast-moving consumer goods, such as crisps, breakfast cereals, computer software and Coca-Cola®, are sold in mass markets. The number of customers in these markets is huge – possibly billions if products are sold globally. This means that businesses can produce large quantities at a lower unit cost by exploiting economies of scale. This might result in higher sales and higher profits. However, there is often a lot of competition in mass markets and therefore businesses may spend a lot of money on marketing. For example, Advertising Age reported that the Coca-Cola Company spent around $3.3 billion on global advertising in 2013. A niche market is a small market segment – a segment that has sometimes gone ‘untouched’ by larger businesses. Niche marketing is the complete opposite of mass marketing. It involves selling to a small customer group, sometimes with specific needs. Small firms can often survive by supplying niche markets. They may also avoid competition. It is a lot easier to focus on the needs of the customer in a niche market. Also, if there is no competition it may also be possible to charge premium prices. An example of a business that targets niche markets is Zumiez, which sells products related to surfing, skateboarding and snowboarding.