20. Market structure and competition

market challenger

the company or product that is second in market share (= the number of customers or sales a company has compared with others of the same type) in a particular market

market follower

a company that is not the leading company in a particular market but that chooses to keep its position rather than competing in a forceful way to increase its share of the market

market leader

the company that sells most of a product or service in a particular market

market segmentation

the dividing of all possible customers into groups based on their needs, age, education, income, etc.

market share

the number of things that a company sells compared with the number of things of the same type that other companies sell

niche

an opportunity for a business to offer a product or service that is not offered by other businesses

unique selling proposition (USP)

a feature of a product that makes it different from and better than all its competitors' products

Differentiated

that show how a product is different from other similar ones and what its advantages are, in order to attract a particular group of consumers

address or tackle

to try to deal with a problem

attorney

lawyer

cluster

a group of similar things that are close together, sometimes surrounding something

disrupt

to prevent something, especially a system, process, or event, from continuing as usual or as expected

dominate

to have control over a place or person

entrepreneur

someone who starts their own business, especially when this involves seeing a new opportunity

headhunter

a recruiter of important personnel for companies

landlord

a person or organization that owns a building or an area of land and rents it to other people

patent

the official legal right to make or sell an invention for a particular number of years

vulnerable

able to be easily physically or mentally hurt, influenced, or attacked