This means selling the most items in that market. For example, Kellogs is the market leader in the breakfast cereal market.
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4. State 3 advantages of being market leader...
1. You can demand discounts from suppliers 2. Customers more likely to know you 3. You have fewer competitors so customers are more likely to come to you
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5. What does it mean to have ethical objectives?
This is where the business aims to do the right thing by its customers, suppliers and staff. For example, paying staff at least the minimum wage.
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6. What does it mean to have environmental objectives?
This means that the business tries to not have a detrimental impact on the environment. For example, they recycle paper and supermarkets have thinner carrier bags and charge for them.
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7. What does it mean to have innovation as your objective?
This is where a business tries to create products which are new and unique e.g. the Dyson ball.
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8. What does it mean to have diversification as your objective?
To sell a completely different product. E.g. Tesco bought the restaurant chain Giraffe.
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Other cards in this set
Card 2
Front
2. State 5 objects that a business could adopt as it grows...
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