1. First Thing: Discuss everyone’s ideas. Glossary of terms.

2. Glossary of key words Target Market Market segmentation Competitors Market share Market leader Unique selling point (USP) First-mover advantage

3. Unit 3 – Section A Tasks 1 – 3 Top mark band answer: ‘Comprehensive explanation illustrating depth of knowledge and understanding of the product/service........’

4. 1) Briefly describe your chosen business (Ownership, what product it sells, what it does in general terms, location of head office, brief history, number of employees, number of countries it operates in)

5. 2) Briefly describe your chosen product or service (main features, picture)

6. 3) Explain why you have chosen this product/service. Gap in the market? – An opportunity to have a highly differentiated product from the competition (USP). ‘First mover advantage’ can have huge advantages for your reputation as well as allowing you to charge premium prices until competition arrives. As a reaction to competitors, maintain your brand’s market share. Changing tastes/ consumer attitudes – Products are increasingly made using recyclable materials. – Obesity is becoming a national problem for children, low calorie alternatives are very sought after.

7. 3) Explain why you have chosen this product/service. Changes in availability of resources – Fossil fuels are becoming increasingly expensive and alternatives to these are sought after. Diversify the brand – Create more choice of flavours or specifications of a product. Coca-Cola continues to bring out new flavours of cola such cherry cola, cola with lime. These will eat away at their core cola sales but the aim is to secure the brand against the competition and stop customers moving to rival brands. – Moving into different price segments, quality segments. Perhaps the brand has such a strong reputation that it could attract interest from different market segments.

8. Complete a market map for your product’s market to emphasise any gaps in the market. 3) Explain why you have chosen this product/service. Old Young Luxury Cheap Seat Ibiza Rolls Royce – Silver Shadow