Summary Business Studies Unit 1: Ultimate Revision Booklet
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Course
Business Studies
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This Unit 1 Business Studies revision guide is a comprehensive resource covering chapters 1.0 to 1.5. It includes concise summaries, essential vocabulary and definitions, as well as detailed calculations. Additionally, this guide incorporates practical examples to enhance understanding and applicat...
Topic 1.1 Meeting Customer Needs:
Marketing involves a range of activities that help a business sell its products
Markets are places where buyers and sellers meet to trade goods and services.
Mass Markets: Niche Markets:
-Large population -Small population
-High revenue -Direct Marketing
-Competition on quality
-Mass production
How can businesses adapt to dynamic markets:
-Flexibility
-Market Research
-Technology
-Continuous Improvement
Market Size & Share:
Sales of business
—------------------ x100=...%
Total sales in the Market
Market Research:
“The first stage of the marketing process involves gathering and analyzing qualitative
and quantitative market data (Indicates consumer needs)
, Primary Research Secondary Research
-Up-to-date (more reliable) -easily accessible
-Sampling -Fast
-specific to business needs -better for quantitative data
-Time-consuming -not always up to date or to the business
-difficult for large sample sizes needs
-reports may be expensive
Product Orientation Market Orientation
-Focused on Production efficiencies -Focused on consumer needs
-Product itself -understand consumers and develop
-Profit margin and effectiveness products that meet their needs
-Consumer attitudes, characteristics, etc…
Successful businesses will tend to have a market orientation (bc competition)
Limitation Market Research:
-Biased
-Small samples=less reliable
-Causality hard to identify
-Time-consuming
Uses of Market Research:
-Cash flow
-Product development
-workforce forecast
-sales forecasting
-budgeting
Market Segmentation: “process of dividing a larger market into smaller groups of
consumers who have similar needs”
Benefits:
-different from competitors
-build its brand
-Identify consumer needs
-customer loyalty etc
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