business theme 1

sales of business = x100

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total sales

market share equation

how a business establishes its self in markets

what is a brand

• product reignition

• customer loyalty

• develop and image / charge premium price

what might branding be used for

markets often develop or change for example the movie industry change from DVDs to online

what is a dynamic market

• 24/7

• easy to access

• selling costs with stores is not there

• cheaper to market

benefits of online retailing

• economic growth within the economy

• innovation - new products

• social changes - trends

reasons for market growth

• flexibility - how the business assets and staff adapt

• market research - keep up with changes

• develop a niche - create usp

how to adapt to change

a risk is where the outcomes are unknown for example setting up the businesses.

what is a risk

where a business is subject to external influences that they cant control.

what Uncertainty

puts effort into developing and making products that it believes the consumer wants. lead by wants

what is a product orientated product

puts effort into producing a good product and mass produce it. lead by needs

what is a market orientated product

it is primary data that is created for the purpose of your business

what is primary research

questionnaires, postal surveys, focus groups, personal interview

examples of primary research

• personalised to you

• can create customer loyalty

positives of primary research

cost

negatives of primary research

information that already exists

what is secondary research

• internal data

• external data

types of secondary research

• easy to collect

• does not cost as much

positives of secondary research

• might not be what you are looking for

• out of date

negatives of secondary research

how a market is dived up into different sections

what is market segmentation

demographic and geographic

what can market segmentation be broken up in to

how the consumer views the brand/product

what is market positioning

to find out where a business is placed in its market

what is market mapping

market research

how is market mapping carried out