1.1.1 The Market - Branding + How markets change

Question 1

Brand e.g l,n,s

Answer 1

Any distinct feature e.g a logo, name ,statement that allows consumers to identify and distinguish your goods/services from competitors

Question 2

why is branding useful - 3

Answer 2

• differentiates product from rivals
• helps product recognition
• can charge a premium price when products become strong

Question 3

businesses in what sort of markets are likely to focus heavily on branding

Why

This means…

Answer 3

Businesses in mass markets are likely to focus heavily on branding

Because in mass markets, you are selling similar products and there’s lots of competition.

So you need strong branding to stand out

Question 4

How do Markets Change?

Answer 4

1) Size of markets

2) Nature of Markets

3) New Markets

Question 5

Size of Markets

Answer 5

The number of potential likely buyers of your product/service

Question 6

Nature of Market

Answer 6

means market is always subject to change

e.g products in some markets being constantly updated & modified

tech industry e.g Apple - always releasing new phones

Question 7

New markets

Answer 7

New market opportunities can occur e.g in developing countries like MINT

New markets can also occur when a completely new products are launched e.g Smartphone markets