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UNIT 1 ­ Planning & financing a business
Starting a business Revision notes
UNDERSTANDING MARKETS

The market: A place where buyers & sellers come together
Geographical classification of markets:
Page | 1 Local markets; Closer to where people live
National markets: Across all or most of the country
International markets:…

Page 2

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UNIT 1 ­ Planning & financing a business
Starting a business Revision notes
that it does not increase demand if it is a substitute i.e. coffee
and tea.
Demographic factors this means that the size of a population
or the trends in the population affect the level of demand for…

Page 3

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UNIT 1 ­ Planning & financing a business
Starting a business Revision notes
What type of segmentation?
This depends on the business or the product
Benefits of market segmentation
Particular segment can be easily identified
Page | 3 Firm able to reach that segment easily
To increase market share
To…

Page 4

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UNIT 1 ­ Planning & financing a business
Starting a business Revision notes
Market growth: The percentage change in sales (volume or value)
over a period of time.
FORMULA:Market growth = Change in size of market / original size X 100%
Factor influencing market growth
Page | 4 Economic growth…

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