How can a market be measured?

- Number of products
- Competitors
- Numbers of sale
- deduction costs
-Overhead costs
- Wages
- Demand
-Running costs
- Current situation of economy

http://tutor2u.net/business/marketing/market_analysis_marketshare_measuring.asp

What is different between a geographical and non-geographical market

Geographical- Able to meet with client face to face, business done when in their presence
Non-geographical- Computerised communications

24th November definitions

Direct prodcution= When someone produces all the things they need using their own efforts and skills, without the advantages of specialization (concentrating on producing only one product) or the division of labour. Direct production is more an economic model than a real production method.

Kaizen= Continuous improvement

Batch = this is a method of production where one operation is completed on a number of units of the product, before they are then passed on to the next stage of the process.
flow= this is where production takes place as a continuous process. The product flows from one process onto the next. This will usually happen where the product is standardised, and can be made using a production line method.
job= this is a method of production where companies use all their factors of production to complete one job at a time. This will usually happen where products are all unique or they are being produced on a very small scale.

Just in time= It originally referred to the production of goods to meet customer demand exactly, in time, quality and quantity, whether the `customer' is the final purchaser of the product or another process further along the production line

Ansoffs Matrix

Four strategies that businesses in relation to makreting business will use each are used at a particular moment

Market Penetration= Afirm tries to gain more of its exsisting market eg. If coca-cola want to sell more in the UK

New Product development= offers more variety meets customers needs

Market development= Attemps to further increasement

Diversication= Entering a new market business establishes themselves

They are are unique selling tecniques
They make you stand out within competitors
reconisable product

5th November Economy News

http://www.youtube.com/watch?v=bjEnPmg_YEI

This video was posted three months ago

http://www.youtube.com/watch?v=cRp67FpOWUM

Market Share, Market Growth and Market segments

The market share of a firm is the percentage that it has of the market sales

sales of the product/market size x 100 = percentage of %

Market growth
Is the increase in size of market for a particular product

Market Segments
An identifiable group with simular needs and wants within a particular product

Difference between small and large businesses

Small
-Smaller costs
-Less tax to pay
-Less sales
-Possible better
-Higher quality of products
-Customer loyalty

Bigger
-Larger Costs
-Higher tax rate
-Moe variety in terms of products/sales
-Possible lower prices
-Economys of scale
-More money for promotion
-Higher sales
-Invest points
-Share holders
-Higher market shares
-Invest profits in the business
-Higher market share

Enrepreneur nees to consider when entering the market

-Competition between other businesses
-Copyright
-Investments
-Inflation Markets
-Aim to achieve
-Overall costing
-Location of business
-Distributuon of product
-Retailers whole salers- E-Commerce (online cheaper simple quicker)
-Cost and achieve break even
-Target market(market reasearch) fashion!
-Advirtising costs
-Sponsorship
-Tax Implication
-More income which means more tax pay
-Promtional activites
-Running costs
-Customer Satifaction
-Quality
-Gov funding
-Fair trade
-Wages employers to be trained?
-Interest of stake holders
-Health and safety
Goverment law discrimination etc safety

The Market

Any place of Trade that brings together buyers and sellers with a view to agreeing a price

Reasons why people set up businesses and their problems

-Money
-Self employment
-Boredom
-Higher salary
-Own hours
-Sense of ownership & Independance
-Enjoy feeling of risk
-Money to improve circumstance
-Reddundancy- Investment
-Cashing in on a business idea
-Discovering gap in the market
-Providing assistance to economy
-New business idea
-Give something back to the community

Possible problems or a start up business:
-Lack of investment funding
-Risks high
-No job security
-Long hours
-Lack of enthusiasm
-What type of business decisions
-Hard to establish repuation
-People might not like idea
-Not enough risks
-Marketing costs
-Inflation prices expensive
-Able to provide to demand
-No expierience
-Too much competition

Recession

The effect it has on smaller Businesses:
-Media advirtises bigger businesses so therefore smaller businesses are more likely to go bankrupt
-Not as much fast supply and demand on smaller prices
-Small businesses are not globalised
-Prices cheaper in bigger businesses may loose customers
-Smaller variety of products
-Lack of demand
-INFLATION
-More over heads
-Need to change prcing strategies
-Less Funding
-More likely for banks not to loan money
-Invest more of owners money
-Higher rate of failure
-75% of small business fail
-Competition
-Lower rate of sucess

Trade credit= Peoplle used to not have to pay for goods straight away now up to 30 days now you have to pay as thyere is a less risk if the money is there quicker.

Market Analysis

Market Analysis:
Analysing the type of state the market is in and observing to see if stock prices are going up and down and carefully observing numeric data.
-Gaps in market
-Business Oppurtunitys
-Investigating an individual Market
-Studying other simular markets
-Is the market in decline
-Influence business deciscion
-When/where your business will be sucessful
-Market share/market growth
-Identify market leader
-Investigate price
-Start up costs
-Market reasearch
-Competition


Should analyse the 4 ps
product
price
promotion
place

Entrepreneurs

Entrepreneur- Someone who makes a business idea happen either through their own efort or by organising others to do the work.
 A sucessful Entrepreneur needs the following characteistics:
Understanding of the market
Determination
Persuasive abilities
The ability to build relashionships with the network such as suppliers and customers otherwise business suffers!
The ability to cope with risk



Risk taking
- Business decisions are always about the future and they always involve uncertainty
-Good entrepreneurs consider what they might happen differently
-An enterpretueur looks at the risk compares them with the possible rewards and makes a decision with a cool head
- Risk takers accept that sometimes they will get losses.
GOVERMENT SUPPORT?
New businesses do not get a great deal of support from their goverment
ISSUES FOR ANALYSIS
- Some people believe that real enterpreteurs are born that way others say that their skills can be learnt.
- A second isssue is weather entrepreteurs tend to be school underachievers whose sucess comes from their reaction against their school 'failure'

Introduction

On this blog i will be observing how the economy changes throughout time. and the constant development in the markets.