Other Influences

  • Created by: Ali Bland
  • Created on: 04-03-15 19:30
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  • Other Influences
    • What is a market?
      • A place where buyers and sellers come together and trade takes place
    • Demand and Supply
      • Supply is the quantity of a product/ service producers are prepared to sell at a particular price.
    • Factors that affect price (demand)
      • Changes in tastes or fashion
      • Change in the price of a substitute or a complement
      • Change in consumer income
    • Factors that affect price (supply)
      • Factors outside of the producers control e.g. weather
      • Change in government policy
      • Change in costs to the business
    • Factors that affect demand
      • Price
      • Consumer income
      • Price of other products
      • Tastes and fashion
    • Factors that affect supply
      • Price
      • Costs of production
      • The number of sellers in the market
      • Government policy
      • Factors over which producers have little control
    • Market structure spectrum
      • Monopolistic competition
        • Large number of small firms
      • Oligopoly
        • Small number of large firms
      • Monopoly
        • One dominant firm in the firm market. High barriers to entry and exit
    • Ways of improving competitiveness
      • Marketing
      • Reducing costs
      • Training staff
      • Developing the brand image
      • Improving the quality of the product
    • Why is competitiveness a good thing?
      • Helps to keep the price low
      • Promotes choice for customers
      • Encourages new ideas
      • Reduces business costs
    • Technological change
      • Automated stock control systems
      • Computer adied designs
      • Robotics
      • Internet
      • Database management


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