Complete revision notes for Unit 1. Meeting customer needs, the market, marketing mix, managing people and entrepreneurship — everything you need for WBS11.
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How businesses identify, anticipate and satisfy customer requirements — mass vs niche markets, market research, product positioning and competitive advantage.
Understanding market dynamics — demand, supply, price elasticity, income elasticity and how markets reach equilibrium. The quantitative tools every business student needs.
The 4Ps in action — product lifecycle, pricing strategies, distribution channels and promotion. How businesses combine these to create effective marketing strategies.
The people side of business — recruitment, training, motivation theories, leadership styles and organisational design. How businesses get the best from their workforce.
The role of entrepreneurs in business — motives, characteristics, barriers to entry, business objectives and the distinction between leadership and management.
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