Presentation
Business specification breakdown A-Level Edexcel unit 1
- Institution
- PEARSON (PEARSON)
Business specification breakdown A-Level Edexcel unit 1
[Show more]
Seller
Follow
Content preview
Theme 1Meeting customer needs
definition
equations
, 1.1
• Meeting customer needs
, 1.1.1
the market
• a) Mass markets and niche markets:
o characteristics
o market size and market share
o brands
• b) Dynamic markets:
o Online retailing
o How markets change
o Innovation and market growth
o Adapting to change
• c) How competition affects the market
d) The difference between risk and uncertainty
, • mass – aimed at everyone
Aimed at everyone so advertising is the same, large sales = large revenue lots of competition
• Niche – subset of the market, specialist items
Charge premium prices demand can easily fall, so sales/revenue falls, hard to benefit from EoS
Branding –
Mass – build customer loyalty, differentiate form homogenous products
Niche – premium and pricey, aims at a small group who can afford them
• Market size
Volume %
Value £
• Market share – proportion of market a business has - (sales/total sales of market) x 100
• Dynamic markets – market that is constantly changing
Online retailing – easy to set up, low overheads, flexible hours, competitive, lack of security
• Market growth – size of market changes
• Competition affecting the market –
• Competition means businesses need to be more efficient/productive to gain an advantage → be
more labour productive/efficient → lower unit costs → cheaper costs → reduce price → attract
more customers → more sales and more revenue
• Listening to customer trends → keeps customers loyal → keeps market share → takes sales from
its competitors
• Need to be innovative and maintain high quality products and service
• Risk – outcome is known
• Uncertainty – outcome is unknown
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lulzimfrosheri. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
49497 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now