Podcast
Questions and Answers
Consumer spending patterns change due to ______ in trends and fashions
Consumer spending patterns change due to ______ in trends and fashions
changes
The competitiveness of a business is majorly affected by its ability to respond to any ______ in the market
The competitiveness of a business is majorly affected by its ability to respond to any ______ in the market
changes
Businesses have to keep up with customers' changing needs to stay ______ and maintain their customer base/loyalty
Businesses have to keep up with customers' changing needs to stay ______ and maintain their customer base/loyalty
relevant
Some markets have become more competitive because of ______, which allows products to be sold all over the world
Some markets have become more competitive because of ______, which allows products to be sold all over the world
One way businesses respond to changing spending patterns is by keeping costs ______
One way businesses respond to changing spending patterns is by keeping costs ______
Another way businesses respond to changing spending patterns is by bringing out ______ products to keep customers' interest
Another way businesses respond to changing spending patterns is by bringing out ______ products to keep customers' interest
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Study Notes
Factors Influencing Market Changes
- Consumer spending patterns change due to trends and fashions, making certain products popular for a short time before demand decreases
- Advancements in technology make older products obsolete, reducing their sales
- Economic conditions, such as high unemployment rates and low wages, affect the demand for expensive products
- Ageing population leads to changes in product preferences, with different age groups interested in different products
Factors Affecting Market Competitiveness
- Globalisation increases competition by allowing products to be sold worldwide
- Improved transportation makes it cheaper, quicker, and easier to transport products globally
- Internet and e-commerce enable customers to search and buy products from anywhere in the world, increasing competition
Business Strategies to Respond to Market Changes and Competition
- Continuously improve existing products to stay relevant
- Introduce new products to maintain customer interest
- Keep costs low to remain competitive
- Foster good customer relationships to maintain customer loyalty
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