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business unit 1
introduction to market
| Term | Definition |
|---|---|
| An introduction to marketing A market is any place where buyers and sellers can meet, e.g. amazon.co.uk or a shopping mall Different markets have varying characteristics and are affected differently by changes The aim of marketing is to help identi | 2. How markets change Changing market conditions offer new opportunities for firms but also pose threats The following changes cause markets to be dynamic: Changing consumer tastes and preferences, e.g. consumers desiring electric vehicles in place |
| The characteristics of markets In mass markets, products are aimed at broad market segments; e.g. Kellogg's Corn Flakes is an example of a breakfast cereal aimed at the mass market Market segments are groups of consumers who share similar characterist | 3. Innovation and market growth Product innovation involves the adaptation or improvement of existing products, e.g. improved video cameras on laptops Process innovation involves the adaptation or improvement of existing processes, e.g. just-in-time s |
| Characteristics of Mass Markets and Niche Markets Mass Markets Niche Markets Products are less unique, as they are aimed at broad market segments Low average costs due to large-scale production economies of scale Low prices lead to greater af | 4. Adapting to change Recognising and adapting to market changes allows businesses to thrive in dynamic markets Strategies to adapt to change include: Create flexible business structures, especially in terms of operations and people management |
| Market size and market share The size of a market can be measured through sales volume or sales value Sales volume is the number of products sold, i.e. the physical number of units sold Sales revenue = price × quantity sold, i.e. the financial valu | How competition affects the market Competition occurs when at least two businesses are providing goods/services to the same target market The more businesses in the market, the more intense the competition Competition can be direct or indirect D |
| .Brands A brand is a name, image or logo that helps a product or service stand out from its competitors Branding is one of the key ways businesses achieve product differentiation A collage of logos, including PayPal, Nike, Pepsi, Kinder, Amazon, Tw | The difference between risk and uncertainty Illustration comparing risk, measurable on a coloured gauge, and uncertainty, depicted by a thinking person with question marks, with explanatory text below. The difference between risk and uncertainty Risk |
| Dynamic markets A dynamic market is a market that is subject to rapid or continuous changes Many markets are becoming more competitive, making change inevitable Those businesses that do not adapt are less likely to survive in the long run The mo | Examples of risk and uncertainty Risk Uncertainty Technical failures due to the breakdown of essential equipment Cybersecurity threats Loss of key staff members Currency fluctuations for firms trading internationally Businesses continue |
| 1. Online retailing Online retailing involves selling products via the internet The advantages and disadvantages of online retailing for firms and consumers Advantages Disadvantages Provides business access to more consumers, including intern |
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