Market Growth

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  • Marketing
    • The significance of marketing
      • Identify Customer demand
      • Satisfying customer demand
      • Making a profit
      • MSDL= limited market research not done this very well
    • Customer Orientation
      • bases decisions on customer needs
      • continually monitors environment to see what customers want, competitiors are offering and changes in the market
      • companies becoming increasingly more customer orientated
    • Product Orientation
      • Producing a product with no market reasearch in the hope it will be Successful
      • telling the customer what they want rather than asking them what they want (MSDL)
    • Market Share
      • (Sales volume/valueofone product/total sales volume in whole market)x 100
    • Market Growth
      • (difference between 2 years, original market size) x 100
        • sales in total market from 2 different years
    • Setting objectives
      • Provides; a greater sense of direction for the business,a possile motivationa;l force for all employees and an aid to controlling existing and future operations in the business
      • TACTICAL=  short term objectives needed to ensure objectives are achieved
      • STRATEGIC=  long term- how a business plans to achieve its goals
    • Constraints on Objectives
      • INTERNAL= ·         Lack of finance to meet chosen objectives ·         Poor communication within business ·         Conflict of interest between departments ·         Industrial dispute within the workforce
      • EXTERNAL= ·         The state of the economy ·         Behaviour of competitors ·         Opinions and behaviours of external stakeholders ·         Changes in  the law that affect business operations

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