Summary
Summary AQA A-Level Business Unit 8 notes
- Institution
- AQA
Explanations of the key concepts for this topic such as Ansoff's Matrix, Bowman's Strategic Clock and Porter's Generic Strategies
[Show more]
Seller
Follow
Content preview
Ansoff’s matrix- The options that exist to
a business to compete
with their rivals
- Can be done with
products and markets
(new or existing)
- As a business competes
based on newer
products or markets, the
risk increases
Market penetration
- Existing products and
existing markets
- Least risky
- Aims to drive up market share by selling more
- Could be done through sales promotions, advertising or even extension strategies
- Can be difficult if the market is saturated
- Retrenchment can be a form of market penetration
- Will only work if the demand for the product is there
Product development
- New products in existing markets; selling new products to existing customers
- Medium risk as it requires research and development
- Makes sense if business has strong brand image or is a market leader
- Helpful if business has high cash flow
- May require some market research to ensure the products meet consumer needs
Market development
- Existing products in new markets; may be new market segment or geographical
market
- Medium risk as it needs market research for new market
- May need to consider cultural issues if moving abroad
- Business can highlight core competencies
- Advertising and distribution channels can help to increase sales
- Can be done to overcome domestic economic issues such as a recession
Diversification
- New products in new markets
- Most risky strategy
- Requires market research and research and development; high costs
- May be useful if market is saturated and product is in decline phase of PLC (dogs)
- Amazon use diversification to grow their business and continue meeting consumer
needs
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 djsar123. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £5.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 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