Business Unit 3 Quick Quiz AQA

What the definition of a market?

Market mapping allows a business to identify any gaps or niches that are unfulfilled

Test marketing is where a [blank_start]product[blank_end] or [blank_start]service[blank_end] is launched in a geographical region to a [blank_start]small[blank_end] number of people to check the [blank_start]viability[blank_end] of the product or service before committing. This reduces the [blank_start]risk[blank_end] and can save the company money.

Select the two benefits of using ICT for market analysis below

Extrapolation can help in predicting future sales using past data

Market penetration is when a business maintains its current market, but changes its product range.

Select the roles of a Human Resource Department

Soft HR treats employees as the most important resource in the business and a source of competitive advantages.

[blank_start]Market Penetration[blank_end] is the name given by Ansoff to growth strategy where the business focuses on selling existing into [blank_start]existing markets[blank_end]. With this strategy, the business is focusing on markets and products it knows well, which makes the strategy the least risky of the four options. Market development is the name given to a growth strategy where the business seeks to sell its existing products into a [blank_start]new market[blank_end]. There are many possible ways of approaching this strategy, including [blank_start]exporting[blank_end] the product to another country or adding new distribution channels. The most risky strategy in Ansoff's matrix is [blank_start]diversification[blank_end], because the business is moving into new markets in which it has little or no experience.

Label the areas of the Shamrock organisation - by Charles Hardy