BUSINESS STUDIES
UNIT 1
REVISION BOOKLET
, Unit 1: Marketing & People
Topic 1.1 Meeting Customer Needs:
Marketing involves a range of activities that help a business sell its products
Markets are places where buyers and sellers meet to trade goods and services.
Mass Markets: Niche Markets:
-Large population -Small population
-High revenue -Direct Marketing
-Competition on quality
-Mass production
Dynamic Markets
-Demographic Changes
-Innovation
-Social Changes
-Legislation changes
-Economic Growth
How can businesses adapt to dynamic markets:
-Flexibility
-Market Research
-Technology
-Continuous Improvement
Market Size & Share:
Sales of business
—------------------ x100=...%
Total sales in the Market
Market Research:
“The first stage of the marketing process involves gathering and analyzing qualitative
and quantitative market data (Indicates consumer needs)
, Primary Research Secondary Research
-Up-to-date (more reliable) -easily accessible
-Sampling -Fast
-specific to business needs -better for quantitative data
-Time-consuming -not always up to date or to the business
-difficult for large sample sizes needs
-reports may be expensive
Product Orientation Market Orientation
-Focused on Production efficiencies -Focused on consumer needs
-Product itself -understand consumers and develop
-Profit margin and effectiveness products that meet their needs
-Consumer attitudes, characteristics, etc…
Successful businesses will tend to have a market orientation (bc competition)
Limitation Market Research:
-Biased
-Small samples=less reliable
-Causality hard to identify
-Time-consuming
Uses of Market Research:
-Cash flow
-Product development
-workforce forecast
-sales forecasting
-budgeting
Market Segmentation: “process of dividing a larger market into smaller groups of
consumers who have similar needs”
Benefits:
-different from competitors
-build its brand
-Identify consumer needs
-customer loyalty etc
UNIT 1
REVISION BOOKLET
, Unit 1: Marketing & People
Topic 1.1 Meeting Customer Needs:
Marketing involves a range of activities that help a business sell its products
Markets are places where buyers and sellers meet to trade goods and services.
Mass Markets: Niche Markets:
-Large population -Small population
-High revenue -Direct Marketing
-Competition on quality
-Mass production
Dynamic Markets
-Demographic Changes
-Innovation
-Social Changes
-Legislation changes
-Economic Growth
How can businesses adapt to dynamic markets:
-Flexibility
-Market Research
-Technology
-Continuous Improvement
Market Size & Share:
Sales of business
—------------------ x100=...%
Total sales in the Market
Market Research:
“The first stage of the marketing process involves gathering and analyzing qualitative
and quantitative market data (Indicates consumer needs)
, Primary Research Secondary Research
-Up-to-date (more reliable) -easily accessible
-Sampling -Fast
-specific to business needs -better for quantitative data
-Time-consuming -not always up to date or to the business
-difficult for large sample sizes needs
-reports may be expensive
Product Orientation Market Orientation
-Focused on Production efficiencies -Focused on consumer needs
-Product itself -understand consumers and develop
-Profit margin and effectiveness products that meet their needs
-Consumer attitudes, characteristics, etc…
Successful businesses will tend to have a market orientation (bc competition)
Limitation Market Research:
-Biased
-Small samples=less reliable
-Causality hard to identify
-Time-consuming
Uses of Market Research:
-Cash flow
-Product development
-workforce forecast
-sales forecasting
-budgeting
Market Segmentation: “process of dividing a larger market into smaller groups of
consumers who have similar needs”
Benefits:
-different from competitors
-build its brand
-Identify consumer needs
-customer loyalty etc
