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business test : areas being examined - Mr Walker - Coggle Diagram
business test : areas being examined - Mr Walker
the market
niche market and mass markets
characteristics
brands
market size and market share
dynamic markets
online retailing
how markets change
innovation and market growth
adapting to change
how the competition affects the market
the difference between risk and uncertainty
market research
product and market orientation
primary and secondary research data (quantitive and qualitive) used to :
gain insight to customer behaviour
quantify likely demand
identify and anticipate customer needs and wants
limitations to market research,sample size and bias
market segmentation
use of ICT to support market research
databases
websites
social networking
market positioning
the purpose of product differentiation
adding value to products / values
competitive advantage of a product or service
market mapping
demand
factors leading to a change in demand
fashions, tastes and preferences
changes in prices of substitutes and complementary goods
advertising and branding
changes in consumer incomes
demographics
external shocks
seasonality
supply
factors leading to a change in supply
changes in the costs of production
introduction of new technology
indirect taxes
government subsidies
external shocks
markets
the interaction of supply and demand
the drawing and interpretation of supply and demand diagrams to show the causes and consequences of price changes
price elasticity of demand
calculation of price elasticity of demand
calculation and interpretation of the relationship between price elasticity of demand and total revenue
the significance of price elasticity of demand to businesses in terms of implications for pricing
the factors influencing price elasticity of demand
interpretation of numerical values of price elasticity of demand
income of elasticity of demand
calculation of income elasticity of demand
interpretation of numerical values of income elasticity of demand
the factors influencing income elasicity of demand
the significance of income elasticity of demand to businesses