Market Changes:
Overview
The shops and products that seemed essential ten years ago can look old-fashioned today. Customer tastes shift, new rivals appear, and the firms that survive are the ones that notice and respond. Markets never stand still.
In this lesson you will learn why customer spending patterns change, why meeting changing needs matters, why many markets have grown more competitive, and the practical ways a business can respond to keep its customers and stay ahead.
Objectives
- Why customer/consumer spending patterns may change
- The importance of changing customer needs
- Why some markets have become more competitive
- How businesses can respond to changing spending patterns and increased competition
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Flashcards
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Lesson Note
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Lesson Evaluation
Congratulations on completing the lesson on Market Changes:. Now that youve explored the key concepts and ideas, its time to put your knowledge to the test. This section offers a variety of practice questions designed to reinforce your understanding and help you gauge your grasp of the material.
You will encounter a mix of question types, including multiple-choice questions, short answer questions, and essay questions. Each question is thoughtfully crafted to assess different aspects of your knowledge and critical thinking skills.
Use this evaluation section as an opportunity to reinforce your understanding of the topic and to identify any areas where you may need additional study. Don't be discouraged by any challenges you encounter; instead, view them as opportunities for growth and improvement.
- Which is a reason customer spending patterns change? A. fixed costs B. changes in income and taste C. capital employed D. the firm's logo Answer: B
- A market becoming more competitive is often caused by: A. fewer customers B. globalisation and the internet C. higher fixed costs only D. a stronger union Answer: B
- The best first response to changing customer needs is usually to: A. cut all prices B. carry out market research C. fire workers D. raise the minimum wage Answer: B
- Streaming replacing DVDs is an example of spending changing due to: A. new technology B. a trade union C. health and safety law D. a minimum wage Answer: A
- A way for a small shop to respond to online competition is to: A. ignore the internet B. sell online and improve in-store service C. raise prices sharply D. stop researching customers Answer: B
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