1.1.2 - Market research:
Primary = Questionaires, surveys, focus groups
Secondary = Online market data
1.1.1 - The market:
Mass = large market, undifferntiated, suited Market segmentation:
to large number of people (eg -
supermarkets)
Demographics (Age, income, gender)
interests THEME 1.1 THEME
bulk buying
Product orientation - design product then find market
high sales volume - more money
Market orientation - create product specific for market 1.5.1 -
high competition
need USP Entreprene
Market Mapping
Niche= smaller market, specific products 1.1.3 - Market positioning: and takes t
tailored to peoples needs HP
less competitive Porters Theory of Competetive Advantage Roles:
higher prices Not the highest Creatin
Low cost High
loyal consumers quality or the Running
producer differentiation
fewer consumers lowest price LQ HQ Innovat
supplier issues Keeps costs Mid market Anticipa
High price due to
market changes sudden low so they can a USP or high
keep prices low quality
LP
1.2.1 - Demannd: 1.2.2 - Supply:
Price
THEME 1
Price
Demand
THEME 1.2
Supply
SUMMARY
1.2.3 - Markets: 1.2.5 - Income elasticity of
Quantity Quantity
demand
Price YED can be positive or negative
Factors effecting demand: Factors effecting demand: S1
Subsitutes Changed to cost of production P1 S2 YED = % change in QD x100 Theme 1.1 - meeting customer needs
Income level Technology P2
% change in income
Govnt. support Demand
Tasts, fashion, trends Theme 1.2 - market
Advertising Q2 Q1 Quantity Luxury good:
Seasonality Products with highly positive YED
Theme 1.3- marketing mix and stratergy
1.2.4 - Price Elasticity of Demand Theme 1.4 - managing people
Normal good:
PED = % change quantitity demanded x 100 Price up = Demand down Products with a slighly positive Theme 1.5 - entrepreneurs and leaders
% change in price Price down = Demand up YED
Elastic = more than 1 (products with lots of alternatives) Inferior good:
Inelastic = less than 1 (necessity or luxury goods) Products with negative YED Types of work
Temporar
Permanen
1.3.1 - Product: 1.3.2 - Promotion Part time
Function: Brand - reputation, awareness, image Full time (
How the product works
and what it does Promotion methods: THEME 1.3 Reducing wor
Advertising: Print advertising, aponsership, social media, TV Dismissal
Primary = Questionaires, surveys, focus groups
Secondary = Online market data
1.1.1 - The market:
Mass = large market, undifferntiated, suited Market segmentation:
to large number of people (eg -
supermarkets)
Demographics (Age, income, gender)
interests THEME 1.1 THEME
bulk buying
Product orientation - design product then find market
high sales volume - more money
Market orientation - create product specific for market 1.5.1 -
high competition
need USP Entreprene
Market Mapping
Niche= smaller market, specific products 1.1.3 - Market positioning: and takes t
tailored to peoples needs HP
less competitive Porters Theory of Competetive Advantage Roles:
higher prices Not the highest Creatin
Low cost High
loyal consumers quality or the Running
producer differentiation
fewer consumers lowest price LQ HQ Innovat
supplier issues Keeps costs Mid market Anticipa
High price due to
market changes sudden low so they can a USP or high
keep prices low quality
LP
1.2.1 - Demannd: 1.2.2 - Supply:
Price
THEME 1
Price
Demand
THEME 1.2
Supply
SUMMARY
1.2.3 - Markets: 1.2.5 - Income elasticity of
Quantity Quantity
demand
Price YED can be positive or negative
Factors effecting demand: Factors effecting demand: S1
Subsitutes Changed to cost of production P1 S2 YED = % change in QD x100 Theme 1.1 - meeting customer needs
Income level Technology P2
% change in income
Govnt. support Demand
Tasts, fashion, trends Theme 1.2 - market
Advertising Q2 Q1 Quantity Luxury good:
Seasonality Products with highly positive YED
Theme 1.3- marketing mix and stratergy
1.2.4 - Price Elasticity of Demand Theme 1.4 - managing people
Normal good:
PED = % change quantitity demanded x 100 Price up = Demand down Products with a slighly positive Theme 1.5 - entrepreneurs and leaders
% change in price Price down = Demand up YED
Elastic = more than 1 (products with lots of alternatives) Inferior good:
Inelastic = less than 1 (necessity or luxury goods) Products with negative YED Types of work
Temporar
Permanen
1.3.1 - Product: 1.3.2 - Promotion Part time
Function: Brand - reputation, awareness, image Full time (
How the product works
and what it does Promotion methods: THEME 1.3 Reducing wor
Advertising: Print advertising, aponsership, social media, TV Dismissal
