Business Oppertunities
- Created by: lala2127
- Created on: 03-06-19 10:16
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- Business Opportunities 1
- Aims and Objectives
- Aims
- goal a business wants to achieve
- profit
- expansion
- leadership
- brand building
- Objectives
- plan to achieve an aim
- SMART!
- S - spesific
- M -measurable
- A - achievable
- R - realistic
- T - time bound
- Aims
- Consumer Protection
- Customer Protection
- Legislation
- protect customers in contracts with retailers/producers
- with competitors
- Legislation
- Legislation Acts
- Sales and Supply of Goods Act
- 1994
- Consumers Credit Act
- 1974
- Trade Description Act
- 1968 - 1972
- Environmentle Protection
- Distance Selling Regulations
- Sales and Supply of Goods Act
- CMA
- competition and markets authority
- promote competition
- benefits customers
- work with...
- Trading Standards
- Citizens Advice
- Consumer Council
- Businesses
- Gouvernment Departments
- Issues
- costly
- restrict businesses
- loop holes
- keep up to date
- Customer Protection
- Market Structure
- Perfect Competition
- no barriers
- large no. sellers
- no differentiation
- price takers
- Monopolistic Competition
- variation
- some price control
- large no. firms
- few barriers
- Oligopoly
- small no. firms
- barriers
- differentiated products
- price makers
- Monopoly
- 1 seller
- price maker
- differentiated products
- Perfect Competition
- Market Sectors
- Public Sector
- gouvernment run
- aims
- welfare
- goods
- quality service
- paramedic
- soldier
- fitness coach
- coastguard
- non excludable
- everyone can use them
- non rivalry
- does not reduce availability to others
- merit Goods
- provided for free
- healthcare
- education
- Private Sector
- individually run
- window cleaner
- tour guide
- retail assisstant
- Public Sector
- Market Types
- Local
- advantages
- manageable
- know customers
- > carbon footprint
- established relationships
- cheaper
- advantages
- Global
- advantages
- big market
- < survival
- Untitled
- < profit
- lower average costs
- recognition
- spread risks
- advantages
- Niche
- specific
- advantages
- lower costs
- understand customer needs
- brand loyalty
- less competition
- Mass
- widespread
- advantages
- high sales + profit
- brand awareness
- distribution networks
- economies of sale
- Local
- Sampling
- The people who represent market as a whole
- Sample Size
- too large = expensive
- too small = not representative
- Bias
- data weighted to one side
- Methods
- random
- equal chance
- anyyone can get picked
- advantages
- less bias
- representative
- quota
- segmented
- specific characteristics
- e.g. gender, age, etc.
- advantages
- focused
- suitable results
- random
- Market Data
- Market Share
- percentage of market total sales earned by one business
- total sales of market / total sales of business = X
- 100 / X = total market share
- Market Size and Growth
- this years sales - last years sales = X
- X / original value x 100 = growth in market
- this years sales - last years sales = X
- Market Share
- Market Segmentation
- Segments
- age
- gender
- social class
- lifestyle
- geodemographic
- Methods
- demographic
- geographic
- psychographic
- behavioural
- Advantages
- meets needs of different groups
- can adjust product to preferences
- target promotion
- customer loyalty
- Disadvantages
- expensive
- too small for profit
- unit cost rise
- Benefits to Customers
- close to expectations
- fits budget
- fits value
- aware of features
- Segments
- Aims and Objectives
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