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Published byArabella Stokes Modified over 6 years ago
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Starter Activity List all the places you can purchase An ipod A TV
A car What are the similarities and differences in these places that you have identified?
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Lesson Objectives To understand what makes a market
To be able to consider the importance of a USP and Competitive Advantage
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What is a Market? A market is a system that allows buyers and sellers to come together and agree to trade a product for an agreed price. It may not be in a physical place – indeed e- commerce is making this less important.
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Market/Product Orientation
If a firm has conducted extensive Market Research to identify a potential customers needs – then provides a product that meets this need – we say they are Market Driven – or have Market Orientation If a firm has spent time developing a product that it will convince customers to purchase – it is Product Orientated Dyson/ipod/ps3/organic food range – market or product orientation – discuss in pairs
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USP Firms will seek a USP to give them a Competitive Advantage over its rivals Unique Selling Point What do you think is the USP of Asda Budweiser beers
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USP = Low Prices Budwiser - “King of beers” - USP = Taste
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Market Differentiation
Makes the business/product stand out from its rivals Branding Competitive pricing – gained through efficiency/size Quality – high price Think of two examples of each
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Niche Markets Some products are purchased by almost everyone
Cadburys dairy milk Pepsi Some products are aimed at a very specific part of the market, at customers with distinct characteristics e.g. Gender Age Income occupation
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Homework & DST Task Essential preparation for next lesson
Ask 5 people to complete the following Map your results on a graph How many cans of Pepsi would you purchase a week if it cost 10 pence per can 50 pence per can £1 per can £2 per can
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Plenary In Groups Think of an idea for a new magazine List
Its name Its USP Its place in the market – is it a niche Prepare a presentation – dragons den style
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