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
- Monopolistic competition
- 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
- What is a market?
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