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Business Edexcel Revision notes Unit 1 - Marketing & People
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  • April 29, 2024
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UNIT 1 – Marketing &
People

Produced by Félix Gómez-Guillamón Jurado

Notes from all syllabus content




1

, What is a Market?
L.O:

 Understand what a market is
 Become aware of the market size and characteristics of a market; e.g. mass and niche.



A market is any Place where buyers meet sellers and a good or service is exchanged.



PHYSICAL MARKET VIRTUAL MARKET

 Ice cream shop  eBay
 Restaurant  Amazon
 Car Dealership  Subscription Services




What Impact does the increasing use of virtual markets have on businesses?

 Extremely price competitive
 Businesses may have to implement a website for their company
 Need less employees which means less costs
 Pressure to keep costs low
 Marketing is key to keeping public eye
 New entrants arrive all time, due to ease of entry
 Useful for niche businesses- without the high fixed costs associated with the
High Street.



ADVANTAGES OF A PHYSICAL MARKET

 Provides employment
 Buyer can see product before purchasing
 Might be able to negotiate prices of some products

DISADVANTAGES OF A PHYSICAL MARKET

 More expensive for customer
 Location may be inconvenient for customer.



ADVANTAGES OF A VIRTUAL MARKET

 Available 24/7
 Wide Variety
 Cheap Prices
 Cheap to run


2

, DISADVANTAGES OF A VIRTUAL MARKET

 Security issues
 Waiting for shipping (delivery)
 Remote customer service
 Threatens local businesses



What is Mass Marketing?
Mass marketing is attempting to create products or services with a universal appeal. It does
not involve targeting a specific type of customer – rather it aims at the whole of the market.

E.g. Toothpaste, Coca-Cola, Ketchup

Mass marketing




Lower Costs and High Sales
higher Profits




Mass Production




Mass Marketing Strategies


PRODUCT

 As many substitute products, standing out from the rest is crucial.

PRICE

 As prices are likely to be very similar, companies may avoid a price war as this may cut
revenues for everyone. The “Going Rate” is normally charged by all companies in the
market. If there is a market leader, that company may set the price and the rest will
follow the lead (Price leadership).

PROMOTION

 Investing heavily in promotion and advertising is common. Very important part of the
Marketing Mix for companies involved in mass markets. Heavy investment in tv
advertising is common – even if small % end up buying the product.




3

, PLACE

 Multiple channels often used to sell products
 Companies may pay supermarkets to display products more prominently than rivals
 Online purchasing is now common – supermarkets also offer “Click and Collect”. The
internet has allowed many businesses access to mass markets – making market even
more competitive.



What are Niche Markets?
A niche market has customers with particular needs and share certain aspects in common –
such as interests or age. There is normally a gap in the market for a business that is prepared
to produce goods or services for the small customer group



Niche Market Strategies


PRODUCT

 Offer for a particular market niche. E.g. Michelin Star restaurants
 Products is a key element of the marketing mix

PRICE

 More flexibility available in pricing (as there´s less competition). Customers may be
prepared to pay higher prices if their specific needs are being met.

PROMOTION
 Promotion needs to be more targeted towards the particular target segment
interested in the product. E.g. Trade magazines.

PLACE

 Usually more selective in choosing distribution channels (worried about damaging
brand image) e.g. Gucci
 Likely to use the internet if at all practical to sell their products and to promote them
also on specialists’ sites.



Dynamic Markets and the effects of competition on the market
Dynamic Markets – A market which is constantly changing with constant innovation very often
prevalent. It is associated very often with changing trends and changing demand for particular
types of products and services.

Non- Dynamic market example: Rubbers or pencils

Dynamic market examples: Clothing, Phone, or car industry



4

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