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    3.1.2 Market Changes

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    sana jaleel
    The document discusses market changes including why customer spending patterns may change, why some markets have become more competitive, and how businesses can respond to changing spending patterns and increased competition. Customer spending can change due to economic cycles, trends, technology, marketing, and lifestyle changes. Markets become more competitive due to more competitors, a growing market, reduced barriers to entry, and a changing business landscape. Businesses can respond through innovation, unique selling points, adapting strategies, adding value, extending products, developing new products, loyalty programs, and diversification.

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    3.1.2 Market Changes

    Uploaded by

    sana jaleel
    16 views8 pages
    The document discusses market changes including why customer spending patterns may change, why some markets have become more competitive, and how businesses can respond to changing spending patterns and increased competition. Customer spending can change due to economic cycles, trends, technology, marketing, and lifestyle changes. Markets become more competitive due to more competitors, a growing market, reduced barriers to entry, and a changing business landscape. Businesses can respond through innovation, unique selling points, adapting strategies, adding value, extending products, developing new products, loyalty programs, and diversification.

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    The document discusses market changes including why customer spending patterns may change, why some markets have become more competitive, and how businesses can respond to changing spending patterns and increased competition. Customer spending can change due to economic cycles, trends, technology, marketing, and lifestyle changes. Markets become more competitive due to more competitors, a growing market, reduced barriers to entry, and a changing business landscape. Businesses can respond through innovation, unique selling points, adapting strategies, adding value, extending products, developing new products, loyalty programs, and diversification.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    16 views8 pages

    3.1.2 Market Changes

    Uploaded by

    sana jaleel
    The document discusses market changes including why customer spending patterns may change, why some markets have become more competitive, and how businesses can respond to changing spending patterns and increased competition. Customer spending can change due to economic cycles, trends, technology, marketing, and lifestyle changes. Markets become more competitive due to more competitors, a growing market, reduced barriers to entry, and a changing business landscape. Businesses can respond through innovation, unique selling points, adapting strategies, adding value, extending products, developing new products, loyalty programs, and diversification.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 8

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    3.1.2 Market changes


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    Learning outcomes

    ■ You will be learning about market changes:

    ■ Why customer/consumer spending patterns may change


    ■ The power and importance of changing customer needs
    ■ Why some markets have become more competitive
    ■ How business can respond to changing spending patterns and increased
    competition
    +
    Research Starter

    ■ What happened to Blackberry – the first smartphone!


    +
    What about Tesco?

    ■ Watch the 2 videos

    ■ Use our criteria to discuss what is happening


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    What do consumer spending patterns
    change?
    ■ The stage of the economic cycle

    ■ Fads/Fashions

    ■ New technology

    ■ Innovation

    ■ Marketing – what is ‘cool’ what is not?

    ■ Law changes

    ■ Lifestsyle changes

    ■ Pressure groups
    +
    Why some markets become more
    competitive?
    ■ More competitors entering – domestic & global (globalisation)

    ■ Growing market

    ■ Government controls over monopolistic businesses

    ■ Low barriers to entry – technology

    ■ Changing business landscape e.g. 3D printing


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    How businesses can respond to
    changing spending patterns and
    increased
    ■ Innovate
    competition
    ■ Unique selling points

    ■ Adapt promotional/pricing strategy

    ■ Add more value

    ■ Extend product life cycle

    ■ Develop new products

    ■ Encourage loyalty

    ■ Diversify
    +
    Task 2

    ■ Brainstorm & Refine your ideas

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