What makes a market
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This document provides an introduction to business objectives. It begins with multiple welcome messages and then defines business objectives as measurable targets for achieving business aims. Objectives are divided into two categories: financial and non-financial. Financial objectives include goals related to profits, market share, and sales. Non-financial objectives include personal satisfaction, independence, and helping others. The document states that objectives give businesses clear targets and allow them to plan and measure progress. It also briefly introduces the topics of smart objectives and the next lesson before concluding.
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What makes a market
- 2. Welcome Welcome Aims and Objectives Just a quick recap before plodding on
- 3. Welcome Welcome Definition Business objectives are the stated, measurable targets of how to achieve business aims. For example: “we want to achieve sales of €10 million in European markets in 2004”.
- 4. Welcome Easy Welcomeknow stuff I • Business Objectives can be divided into 2 categories • Do you know what they are? You should do!!
- 5. Welcome • • • • • • • • • • Welcome Financial To survive in the market - To break even (cover costs) - To improve its image - To have high motivation amongst employees - To maximise profits - To increase market share - To grow in size (e.g. sales, customers, employees) - To Sell abroad - To diversify and sell different products - To make returns to shareholders if a limited company (dividends)
- 6. Welcome • • • • • • • • • Welcome Non-Financial Personal satisfaction Challenge Independence Control Helping others Using your skills Being your own boss Something to be proud of Ethical stance
- 8. Welcome Welcome Business Objectives • Objectives give the business a clearly defined target. • Plans can then be made to achieve these targets. This can motivate the employees. It also enables the business to measure the progress towards to its stated aims.
- 11. Welcome Welcome Right time to move on… Mr Ahern we are moving too quick through stuff Don’t care!! Just get on with it
- 12. Welcome Lets track what we have done... Welcome 1.1.1: Characteristics Of Entrepreneurs 1.1.2: What Motivates Entrepreneurs? 1.1.3: Leadership Styles
- 13. Welcome you think we will be doing next? Welcome So what do
- 14. Welcome What makes aWelcome market? Week Subject commencing area Activity Resources What makes a market? What should firms supply? Students could explore the changes in the market, and charges, for mobile phones — from when mobile phones were first available to now. What do they conclude about the interaction between price, supply and demand? (See Activity sheet 2, Task 1 and 2.) Activity sheet 2, Task 1 and 2 Interaction activity and tasks on supply and demand at: www.bized.co.uk/educators/1619/economics/ markets/activity/demandsupply.ht m What consumers want or need Students should identify a market need for a business idea of their own. Students could gain new business ideas from, eg www.startups.co.uk/. Why do they think that there is a potential demand for the business? This could be set as homework. Activity sheet 2, Task 3 Additional reading: Zhang L — Identifying a Market Opportunity, Business Review, Volume 7, Issue 4, April 2001, pages 2-4
- 15. Welcome What makes Welcome a market?
- 18. Welcome What should Welcome firms supply? How do they decide? What price and where?
- 20. Welcome Why supply increases if price increases Welcome
- 23. Welcome the Welcome Shifting supply curve
- 25. Welcome Welcome Tick box time Week Subject commencing area Resources What makes a market? What should firms supply? Next Lesson Activity Students could explore the changes in the market, and charges, for mobile phones — from when mobile phones were first available to now. What do they conclude about the interaction between price, supply and demand? (See Activity sheet 2, Task 1 and 2.) Activity sheet 2, Task 1 and 2 Interaction activity and tasks on supply and demand at: www.bized.co.uk/educators/1619/economics/ markets/activity/demandsupply.ht m What consumers want or need Students should identify a market need for a business idea of their own. Students could gain new business ideas from, eg www.startups.co.uk/. Why do they think that there is a potential demand for the business? This could be set as homework. Activity sheet 2, Task 3 Additional reading: Zhang L — Identifying a Market Opportunity, Business Review, Volume 7, Issue 4, April 2001, pages 2-4
- 26. Welcomewhat customers want or need Welcome Identify What is a want? What is a need?
- 28. Welcome Welcome
- 29. Welcome Why demand decreases if demand increases Welcome
- 31. Welcome Welcome The Factors of Demand
- 33. Welcome Move and Welcome shift • A move a along the demand or supply curve is when a change in price point results in a change in demand or supply • A shift of the demand curve is when the entire curve shifts due to external factors, such as population change, or the weather
- 34. Welcome Market equilibrium – determinning price Welcome
- 36. Welcome Welcome Tick box time Week Subject commencing area Activity Resources What makes a market? What should firms supply? Students could explore the changes in the market, and charges, for mobile phones — from when mobile phones were first available to now. What do they conclude about the interaction between price, supply and demand? (See Activity sheet 2, Task 1 and 2.) Activity sheet 2, Task 1 and 2 Interaction activity and tasks on supply and demand at: www.bized.co.uk/educators/1619/economics/ markets/activity/demandsupply.ht m What consumers want or need Students should identify a market need for a business idea of their own. Students could gain new business ideas from, eg www.startups.co.uk/. Why do they think that there is a potential demand for the business? This could be set as homework. Activity sheet 2, Task 3 Additional reading: Zhang L — Identifying a Market Opportunity, Business Review, Volume 7, Issue 4, April 2001, pages 2-4
- 37. Welcome Welcome 5 examples for each please • In your book write • factors that would result in a shift in the supply curve • Factors that would result in a shift in the demand curve
- 38. Welcome Question Welcome time • What questions do you have based on today’s lesson?