Marketing 0.0 / 5 ? Business StudiesMarketing and competitive environmentsASWJEC Created by: Rhys33Created on: 05-12-18 15:00 What is primary/field research? Data which has been gathered personally by the business 1 of 32 What is secondary/desk research? Data which has been gathered by another business or the government 2 of 32 Examples of primary research (3) Questionaires, interviews and observations 3 of 32 Examples of secondary research (3) Magazines, government statisitcs and trade organisations 4 of 32 Perfect competition factors (3) A large number of small businesses, homogenous products and no scope. However, there is no such thing as a perfect market 5 of 32 Monopoly market (Firm & real) A market where a single business runs the entire market. Firm monopoly refers to a business which runs over 25% of a market 6 of 32 Monopoly factors (3) Single producer, lots of barriers to entry and usually public sector 7 of 32 Monopolistic market A market where there are lots of small businesses 8 of 32 Monopolistic market factors (3) Slight differentiation of products, a small price scope and weak brand identity 9 of 32 Oligopoly A market where there are many businesses with a few dominating 10 of 32 Oligopoly market factors (3) Strong brand identity, a few market barriers and price wars can occur 11 of 32 Niche market factors (3) focuses on small segments of the markets, high differentiation and high skill level requirements 12 of 32 Mass market factors (3) High volume of sales at low prices, homogenous products and economies of scale can br used 13 of 32 Public goods features (2) Non-excludability and non-rivalry 14 of 32 Non-excludability Products that are used by all individuals 15 of 32 Non-rivalry Products that don't become scarcer with consumption 16 of 32 Private sector objectives (5) Profit, incresing shareholder value, survival, incresing market shae and ethics 17 of 32 Sole traders A business that is run by one individual 18 of 32 Partnerships Joint ownership of a business (2-20 individuals) 19 of 32 Private limited companies (Ltd) Large businesses that doesn't float shares 20 of 32 Public limited companies (PLC) Large businesses that floats its shares 21 of 32 Charities Businesses that do not retain profit for personal gain 22 of 32 Co-operatives Businesses that is owned by its members 23 of 32 Social enterprises Businesses with an objective that improves society 24 of 32 Sole trader advantages (3) Easy set up, low costs and fast making decision making 25 of 32 Sole trader disadvantages (3) Limited capital, unlimited liability and limited skill range 26 of 32 Partnership advantages (3) Wide skill range, less pressure and shared decision making 27 of 32 Partnership disadvantages (3) Limited capital, unlimited liability and the possibilty of dissoltion 28 of 32 Ltd advantages (3) Limited liabilty, more investment and tax advantages 29 of 32 Ltd disadvantages (3) Set up costs, shared profits and financial information is shared in the public 30 of 32 PLC advantages (3) Limited liability, selling shares possibility and the economies of scale 31 of 32 PLC disadvantages (3) Increased set ups costs, increased legal requirements and threat of control loss 32 of 32
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