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Brand, brand, adapting to change, innovation and market growth, Online…
Brand
brand
product differiation
adds value
adapting to change
Meet customer needs
carrying out market research and communicating with customers
innovation
invest in staff training
flexible business structures
innovation and market growth
product innovation - adaption/improvement of existing products
process innovation - adaptation or improvement of existing processes - e.g. just in time stock control
Market growth
businesses market share does not necessarily increase automatically as the entire market continues to grow
increasing population sizes can increase demand in cert
Changing tastes/preferences
measurement of the change in the entire market, expressed as a percentage of the original size
Online retailing
Advantages and disadvantages
dominated by large well established businesses
access to large consumer base - internationally
longer trading hours - 24/7
cheaper to run - lowers fixed and variable costs
data can track consumer behaviour - primary market research
lack of personal contact - difficult to desired level of customer service
high costs for website development and maintain
Dynamic markets
How markets change
Changing consumer tastes
e.g. electric cars to replace petrol/diesel
Amount of competition
Indirect - e.g. airlines vs airlines vs transport
Direct competition - sale of similar products
Changes in legislation
e.g. laws strengthening environmental standards - create new markets
Demographic changes
developed countries have increasingly older population - different wants and needs