3.1.3 Market Changes.

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Presentation transcript:

3.1.3 Market Changes

Learning Outcomes To understand why customer/consumer spending patterns may change To understand the power and importance of changing customer needs To understand why some markets have become more competitive To understand how businesses 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

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

How businesses can respond to changing spending patterns and increased competition Innovate 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