Ace your Pearson Edexcel Business A Level exams with our meticulously crafted flashcards, designed to cover the full range of specifications. Each card is tailored to encapsulate key concepts, theories, and case studies from the syllabus, making your revision both comprehensive and efficient.
Fe...
What is a mass market? What is a niche market? Advantages of mass Disadvantages of mass
markets? markets?
Advantages of niche Disadvantages of niche What is market share? What is the market share
markets? markets? formula?
What is market size? What is market growth? Market growth formula? Market size formula?
What is branding? Advantages of branding? How can a brand be built? What is a dynamic market?
,-Higher barriers to entry -Having more customers -Appeals to much smaller - The mass market tries to
-Higher levels of -Economies of scale segments makeproducts and/or
competition -Can build a strong market -specialist services for all consumers
-Lower profit margins presence products/services -Larger
-Competitve pricing -General products sold e.g.
fast food, cars
total business sales/total The share of the total -Low economies of scale -Less competion
market sales x 100 = % market that is owned by a -Small market size = low -Lower barriers to entry
particular biz, product or total profit = less chnace for -Can charge more from
brand innovation premium product (USP -
-Likely to attract comp specialised)
-Customer loyalty
-Higher profit margins
Market Size = Sales Market Growth (%) = The % growth in the size of The total volume of a
Market Share x 100 Change in market size / the market market
Original size of the
market x 100
A market that is volatile and -By depeloping a USP -Added value The process of creating a
subject to constant change -Through advertising -Charge premium prices = unique and recognisable
-Through established brands = ££ name, design, symbol that
sponsorship/endorsement -Reduces elasticity of differentiates from
-Through the use of social demand - loyal customers competiton.
media endure
-Brands differentiate
,What is a static market? What is online retailing (e- Advantages of e- Disadvantages of e-
commerce)? commerce? commerce?
Changes that cause Strategies to adapt to What is direct competiton? What is indirect
markets to be dynamic? change? competiton?
Benefits of competiton for What does the absence of What is risk? What is uncertainty?
the customer? competition often lead to?
Difference between risk Examples of risk? Examples of uncertainty? What is a product
and uncertainty? orientation?
, -May be high costs for web -Larger customer Selling and buying of goods A market that is relatively
development base/reach online static
-Online retail is dominated -Enables longer trading
by larger well-known hours (can be open 24/7)
businesses -Cheaper = less fixed
-High level of competition costs... shop maintenance
-Lack of personal - Normally more choices
competiton
Businesses sell different The business targets -Create flexible business -Changing consumer tastes
products/services but target customers with same structures e.g. electric vehicles over
the same customers product as competitor -Meet customer petrol/diesel
e.g. cinema and theatre needs(market research) -Changing demographic
companies -Invest (staff training, -Competition
machinery etc) -Changing legislation e.g.
-Innovate(Gain first mover laws around environmental
advantage) standards create new
When outcomes are difficult The potential threat to a Reduces incentives for biz -Bizs offer lower prices
to predict businesses success to innovate, be efficent, -They provide better quality
offer lower prices products
-They provide better
customer service
Focuses on the product rather - Brexit -Technical failures Risk can be calculated and
than the needs of the - Recession? -Cyber security threats prepared for
consume. - Energy prices rise -Loss of key staff Uncertainties cannot as
-Creating a product continue? -Currency fluctations they are unexpected events
first and then finding a - Interest rates? (exchange rates)
market
-The business has a belief
that the product is superior
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 luciealiceclarke. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.16. You're not tied to anything after your purchase.
