1. Imran Joe Nasir TEACHERS DESK Nice Jack Door IT03 Board Maruf Radu Ria
Rabbab
12/11/2018
Ria
Shuyeb
Maruf
Brijesh
Harry
Charlotte
Lidia
Mason
Bonnie
Aditya
Rahat
Asil
Yugesh
Nasir
Bareera
Anthony
Trish
UPDATE THIS
Yassir
Balween
Jahangir
Shamar
TEACHERS DESK
Nice
Jack
Door
Second warning seat
IT03
Board

2. 1.1.2 Understanding customer needs
12/11/2018
GCSE Business
1.1.2 Understanding customer needs

3. Start of lesson drills Planner on the desk Pen/stationary available
12/11/2018
Start of lesson drills
Planner on the desk
Pen/stationary available
Exercise book open on the desk
Date copied from the board
Title copied from the board
DIRT time
Ready to learn
Reminder

4. 12/11/2018
Expectations
Be in the right place, at the right time doing the right thing:
Be respectful of others and allow them to learn
Complete all homework tasks set and come to me if you have any problems completing it
Respect all school equipment
Bring the correct equipment (pens, books etc.) to our class
Act as respectable young adults like business individuals
Reminder

5. Silent DIRT time Dedicated Improvement and Reflection Time
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Silent DIRT time
Dedicated Improvement and Reflection Time
Ensure the market research A5 worksheet has been completed
Revisit the Grace and Peter market research questions
Finish questions 1-3
Reattempt any questions I have asked you to
Make any presentation changes that I have asked
E.g. underline dates and titles, use rulers to draw tables, make definitions more obvious.
When you have done that, there will be a challenge activity to do. Well done for getting this far!

6. Put a new title in your books
12/11/2018
Customer demand
Put a new title in your books

7. Demand learning objectives
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Demand learning objectives
By end of the lesson, you should be able to:
Describe demand
Describe effective demand
Calculate revenue from different demands
Explain what a demand curve is showing

8. 12/11/2018
Demand
The amount that an individual or individuals are willing to buy at any given price.
For demand to be meaningful, it has to be backed up by the ability to pay. This is called effective demand.
For virtually all products demand increases as price falls and vice versa

9. What does customer demand depend on?
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What does customer demand depend on?
Price of your products as well as competitors
Fashion and taste
How easy it is to find and buy – is it accessible?
How well it is promoted – is it advertised and promoted well?
Seasonality
The weather

10. What is the overall aim of the business?
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What is the overall aim of the business?
The overall aim of the business is to make money by:
Meeting demand through getting them to try your product and continue to use your product/service.
This is called repeat purchase.
How can businesses achieve repeat business?

11. Demand for Mars Bars in a school:
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Demand for Mars Bars in a school:
Price
Quantity Demanded
£0.20
400
£0.25
350
£0.30
300
£0.35
250
£0.40
200
£0.45
150
£0.50
100

12. This is what it looks like on a graph
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This is what it looks like on a graph

13. What does the graph show?
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What does the graph show?
The demand curve is downward sloping because as the price of Mars bars increase, less people are prepared to pay the higher prices, so demand decreases.
This company should therefore think carefully what price to sell their chocolate bars.

14. What is Supply? Definition
The amount of goods that producers are willing to supply / sell at a given price
SUPPLY AND PRICE
In virtually all cases supply increases as price increases and vice versa.
This is because producers are aiming to make profit. * If the good is sold at a high price they will make more profit. * If it is sold at a low price they will either make very little profit or even a loss

15. Supply and Mars bars Price Quantity Supplied £0.20 100 £0.25 150 £0.30
200
£0.35
250
£0.40
300
£0.45
350
£0.50
400

16. This is what the Supply Graph looks like

17. What does the graph show us?
The Supply curve is upward sloping (a positive correlation). This means that businesses want to supply their products at the highest possible product. This is so that it earns them the most amount of profit.
BUT! Thinking back to our Demand curve customers want to pay the lowest price, so there has to be….

18. The Equilibrium
Price equilibrium is found where supply and demand are equal. This is the point where both sellers and buyers are happy with the price and quantity.

19. How much are you prepared to pay for a Mars Bar?