Business - Marketplace

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Key Terms

  • Marketplace: the activity of buying and selling products
  • Marketshare: the percentage of the marketplace that the business holds
  • External Influences: things the business cannot control but must react to
  • Competitor AnalysisIdentifying your competitors and evaluating their strategies to determine their strengths and weaknesses 
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The Pet Care Market

  • worth £3.6 billion in the UK
  • 15% in online sales (£540 million)
  • 4% growth
    • Pets at Home at the same level of growth
    • 3% in retail (accessories £550 million)
    • 5% in veterinary (£2.7 billion)
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External Influences

  • External Influences: things the business cannot control but must react to
  • Political and Regulatory
    • new legislation
  • Economic
    • recession leading to less money spent on accessories
  • Competitive
    • new competitor/branch
    • new products
    • offer discounts 
  • Technological
    • quicker manufacture
    • internet access 
  • Social and Cultural
    • different influences via social media
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Competitors

  • Direct Competitors
    • the same sector, and the same product
    • better value = gain customers
      • better market share
  • Indirect Competitors 
    • the same sector, but different products
    • they release offers to attract customers
      • work together
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Marketing Plan

  • increases customer base
  • increases sales
  • increases market share

1. Better interest rates (influence)

2. the business is more profitable (impact)

3. increased investment (action)

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