Unit 11- The marketing environment

Giving you the actual figures, so you can make a comparison

When the figures are not shown, but you can see how the values relate to each other- Index numbers

Tabulated data: When you have worked out the mean, [blank_start]median[blank_end], mode, range and the [blank_start]average[blank_end] of the numbers

Index numbers: They give the researcher a picture of the [blank_start]average[blank_end] change in a group of variables over time

Many businesses complying to supply goods to numerous consumers. sometimes called 'price takers'. E.g. fruit and vegetable markets

[blank_start]Oligopoly[blank_end] competition: A few large dominant businesses- each business knows that its actions will affect other businesses. E.g. Motor vehicle manufacturing and food

Monopoly competition: A market in which only one business operates. The business has significant control and power to set prices. E.g. internet, landline and water providers

What types of integration are used in business?

Increasing the sales of an existing product in its current market and taking sales away from competition

Entering new markets with new products is known as?

The dominant company in the market- usually the firm with the highest sales- Market leader

Market Followers- These are firms that seek a 'quiet life'- knowing that they lack the size or drive to become market [blank_start]leader[blank_end], they often seek to make enough profit to survive.

Market [blank_start]nicher[blank_end]- Smaller, but sometimes very profitable businesses that operate in a narrowly defined segment of the market

Which of these taxes is added to the price of most products before purchase?

The rate at which the general level of prices for goods and services is rising, and consequently, the purchasing power of currency is falling

What is the current interest rate? (the interest rate being the cost of borrowing money)

These involve quotes and tariffs that come into operation when the UK trades with countries outside of the [blank_start]EU[blank_end]

The sales of goods act- This states that goods must be of merchantable quality, [blank_start]fit for purpose[blank_end] and as described by the manufacturer

Office of [blank_start]fair[blank_end] trading- This agency oversees consumer protection in the UK on a national level- offering advice to consumers and where necessary, prosecuting companies that are thought to be adopting unfair practices.

Which company monitors all advertisement media, except that on television and radio- to ensure that it is 'legal, decent, honest and truthful'.