Summary
Summary 1.1.1 The Market Business Alevel Edexcel Notes
- Institution
- PEARSON (PEARSON)
Concise and informative notes for Business Edexcel 1.1.1 The Market. Made from a student in Y13 with A* predicted grade for Business.
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1.1.1 The marketRevising
Understand
Market
buyers and sellers exchange goods/services
physical location or online
Mass market Niche market
generic product tailored and specialist product
similar in function or form small segment of larger market
large market higher shares = higher profit
margins
differentiation achieved through
logo/name differentiation achieved through
✓ wide pool of customers product
✓ high production levels = eos ✓ tailor = higher prices charged
✓ mass media advertising ✓ USP = higher profit margins
✗ small pool of customers
✗ no USP
✗ dynamic market would be fatal
✗ small market share
Market size: total sales of all biz in market
estimate
value - total amount spent by customers buying products
volume - physical quantity of products which are produced and sold
Market share: proportion of particular market that is held by a biz
indicate market leader
1.1.1 The market 1
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