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Summary Business A Level Edexcel Notes (only 10p per chapter)
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Notes on Chapter 1-54 of the Edexcel A Level Business Book, each chapter is covered and the best and most useful notes are written. These notes are specially designed in order to maximise the chances of receiving a grade A or above by including the most important information but not being too deta...

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  • No
  • 1-54
  • August 29, 2023
  • August 29, 2023
  • 3
  • 2023/2024
  • Summary

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1 - THE MARKET
Markets and Marketing:

• Businesses make money by selling goods and services in markets.
• Modern markets include trading through phones, newspapers, mail orders, and the
internet.
• Types of markets include consumer goods, services, housing, commodities, and
financial markets.
• Marketing involves activities like understanding consumer needs, designing
products, informing customers, setting prices, persuading buyers, and ensuring
availability.
• According to the Chartered Institute of Marketing, marketing is about identifying,
anticipating, and satisfying customer needs profitably.
Mass Markets and Niche Markets:

• Mass markets sell the same products to all consumers and often require significant
marketing efforts.
• Economies of scale can lead to lower costs, higher sales, and profits in mass markets.
• Niche markets are small segments with specific needs, offering opportunities for
smaller businesses.
• Niche marketing focuses on a unique customer group and can allow for premium
pricing.
• Example of niche market: Zumiez (surfing, skateboarding, snowboarding products).
• Entering a niche market may attract competition from larger players.
• Businesses relying solely on niche markets could be vulnerable due to lack of
diversity.
Market Size and Share:

• Market size is determined by total sales of all businesses in the market.
• Estimated through value (amount customers spend) and volume (quantity of
products).
• Different markets vary in size due to the products being sold.

Market Share:

• Market share is the portion of a market held by a business, brand, or product.
• Calculated as (Sales of Business / Total Market Sales) x 100%.
• Important as an indicator of market leadership, strategy, and success.

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