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
    • Consumer Protection
      • Customer Protection
        • Legislation
          • protect customers in contracts with retailers/producers
          • with competitors
      • Legislation Acts
        • Sales and Supply of Goods Act
          • 1994
        • Consumers Credit Act
          • 1974
        • Trade Description Act
          • 1968 - 1972
        • Environmentle Protection
        • Distance Selling Regulations
      • 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
    • 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
    • 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
    • Market Types
      • Local
        • advantages
          • manageable
          • know customers
          • > carbon footprint
          • established relationships
          • cheaper
      • Global
        • advantages
          • big market
          • < survival
          • Untitled
          • < profit
          • lower average costs
          • recognition
          • spread risks
      • 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
    • 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
    • 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
    • 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

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