Unit 1 Developing New Business Ideas (busu1)

common need for business students, within single programmes, to generate an extensive range of written genres which can. include essays

A in-depth analysis of all theme 1 content and all key cards/revision notes provided. This document is designed to help you do well in your theme 1 economics (introduction to markets and the economic problem ) by using my personal notes and detailed examples.

a) Product and market orientation b) Primary and secondary market research data (quantitative and qualitative) used to: o identify and anticipate customer needs and wants o quantify likely demand o gaininsightintoconsumerbehaviour c) Limitationsofmarketresearch,samplesizeandbias d) Use of ICT to support market research: o websites o social networking o databases e) Market segmentation

a) Mass markets and niche markets: o characteristics -market size and market share, brands b) Dynamic markets: - online retailing -how markets change - innovation and market growth, adapting to change c) How competition affects the market d) The difference between risk and uncertainty

a) Market mapping b) Competitive advantage of a product or service c) Thepurposeofproductdifferentiation d) Adding value to products/services

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