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1.1.1 The Market - Coggle Diagram

- - - - Shops open round the clock - convenient
      - Orders can be taken automatically without need for staff
      - Shops can easily reach international markets - increases customer base
      - Stock can easily be withdrawn or uodated to keep up with dynamic market changes in tastes
      - Easy to set up
    - - 71% of customers prefer to shop in store
      - Issues with sending products back may put customers off
      - Issues with online worries put off older customers
      - Very competitive market, hard to drive traffic to website
      - Lack of opportunity for customer relationships
      - Owners need IT skills
- - - - Making their products appear different to those of rivals
      - Offering better quality products
      - Using more powerful or attractive advertising
      - Offering ‘extras’ such as high-quality customer service
      - Lowering prices
  - - - Better quality products
      - Lower prices
      - More choice
    - - Raise prices
      - Fail to innovate
      - Restrict choice
- - - - Huge amounts of market research available
      - More competitiveness can lead to higher levels of efficiency as firms try to become more price competitive
      - Economies of scale
      - Increased brand awareness
      - Large target audience
    - - High capital costs to compete e.g. advertising
      - High amounts of competition
      - Vulnerable to changes in demand
      - Harder to meet specific needs
  - - - Higher consumer satisfaction - repeat customers/ brand loyalty
      - Meets the market demand easier
      - Less competition
    - - Threat from larger potential competitors
      - Specialisation leads to smaller profits
      - Prone to changes in trends