Meeting customer needs

The market that’s aimed at the general population

A subset of the main market and addresses a specialist need

1-Large scale production means economies of scale and lower average unit costs 2- mass marketing is straightforward as everyone is equally targeted 3- large volume of sales means high revenue 4- Hugh revenues can be pumped into R+D

<p>1- lots of competition 2- homogeneous products need to be differentiated through marketing which can be expensive 3- Hugh volume production not flexible to demand changes</p> Signup and view all the answers

<p>Same product but different packaging</p> Signup and view all the answers

<p>1- small scale production can be flexible and follow demands 2- less competition 3- easy to advertise as items different and target customers 4- can choose own prices</p> Signup and view all the answers

<p>1- higher average unit costs 2- low volume of sales so low revenue 3- risky as demand may not be constant</p> Signup and view all the answers

<p>Physical quantity of products sold</p> Signup and view all the answers

<p>Total amount spent by customers</p> Signup and view all the answers

<p>Sales of (individual company) / total sales in whole market X 100</p> Signup and view all the answers

<p>An identifying symbol, mark, logo, name , word or sentence companies use to distinguish their product from others</p> Signup and view all the answers

<p>A market that’s subject to rapid it continuous change</p> Signup and view all the answers

<p>1 - can target lots of people 2 - convenient 3- accessible 4- reach globally 5- can deliver 6- shop is always open 7- don’t need staff for sales 8- easy to set up 9- flexible</p> Signup and view all the answers

<p>1- only people with access to the internet 2- can’t see in person 3- some people prefer in person 4- relies on website 5- can’t do face to face 6- sending back issues 7- online security 8- competitive</p> Signup and view all the answers

<p>The specific intended outcomes of a business strategy</p> Signup and view all the answers

<p>A qualitative statement of business aims</p> Signup and view all the answers

<p>Long term plan from which business objectives are derived</p> Signup and view all the answers

<p>Target which must be achieved to realise the stated aim ( must be SMART)</p> Signup and view all the answers