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
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 DavidBilliet. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £3.74. You're not tied to anything after your purchase.