Steve Job's Wisdom

http://www.youtube.com/watch?v=KuNQgln6TL0&feature=related

James Caan - Golden Rules for Success.

Here is a clip of James Caan from Dragons Den giving out what he believes to be his golden rules for success. 

http://www.youtube.com/watch?v=7Mof4Q9-YM4

How can the size of a Market be mesaured?

The size of a market can be measured by the profits being made, the value and volume of sales or by the number of employees.

Market Segments

A Market Segment is an identifiable group with similar needs and wants within a market. 


How to Define Segments in Markets 

• Age
• Gender
• Income
• Usage Rate 
• Socio Economic Groups (Job/Reputation)
• Demographics
• Purchase Occasions 
• Psychographics

Growing and Shrinking Markets

Entering a Growing Market will give you more oppurtunities for success whereas in a Shrinking Market you'll have a high risk of failure. In a grwoing market, a profit will be made either way, you'll have room for expansion, high demands, less chance of failure and more importantly less fierce competition. A shrinking market could lead to less business, rise of competition, little room for new ventures/manover, and a continuing downwards spiral which could even lead to bankruptcy.

Mass and Niche Markets

Mass and Niche Markets both have their advantages and disadvantages. Mass Markets have products/services that appeal to a majority/a larger substantial market. Niche Markets have products/services that appeal to a specific section of a market. 


Advantages of Mass Markets 

• Larger Target Audience 
• More Income/Sales
• Eaiser to Expand
• Guaranteed Income 
• Cheaper Production
• More Varriety 
• High Demand 

Disadvantages of Mass Markets 

• Cannot Satisfy Everyone
• Higher Costings 
• More Competition 

Advantages of Nice Markets 

• Unique
• Loyal Customers
• High Price for Customers 

Disadvantages of Niche Markets

• More Expensive/High Costings
• Less Income 
• Only appealed by a fragment of the population
• High Risk of failure 
• High Price for Customers 
• Less Deman 
• Cannot Expand Greatly
  

Business Start Up

Things to Consider before starting up your own business:

• Target Clients
• Possible Government funding/Investment 
• Market Gaps
• Other Competitors 
• Customer Satisfaction
• Charging of Goods/Service
• Advertisement 
• Area/Location of business 
• Distribution 
• Fair Trade Morals/Business Ethics
• Retailers/Suppliers
• Law/Discrimination
• Cost to achieve breakeven 
• Health and Safety for Employees
• Tax Implications 
• Running Costs
• and most importantly MARKET RESEARCH

Introduction

This blog will contain information about the current state of the economy and will also contain many key features of revision for Business and Economics. I will regularly update this page with the latest news on the business world