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What makes a market
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- 2. Welcome Welcome Aims and Objectives Justa quick recap before plodding on
- 3. Welcome Welcome Definition Business objectives arethe 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 stuffI • Business Objectives can be divided into 2 categories • Do you know what they are? You should do!!
- 5. Welcome • • • • • • • • • • Welcome Financial To survive inthe 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 Usingyour skills Being your own boss Something to be proud of Ethical stance
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- 8. Welcome Welcome Business Objectives • Objectivesgive 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.
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- 11. Welcome Welcome Right time tomove on… Mr Ahern we are moving too quick through stuff Don’t care!! Just get on with it
- 12. Welcome Lets track whatwe have done... Welcome 1.1.1: Characteristics Of Entrepreneurs 1.1.2: What Motivates Entrepreneurs? 1.1.3: Leadership Styles
- 13. Welcome you thinkwe will be doing next? Welcome So what do
- 14. Welcome What makes aWelcome market? Week Subject commencingarea 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 amarket?
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- 18. Welcome What should Welcome firmssupply? How do they decide? What price and where?
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- 20. Welcome Why supply increasesif price increases Welcome
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- 25. Welcome Welcome Tick box time Week Subject commencingarea 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 wantor need Welcome Identify What is a want? What is a need?
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- 29. Welcome Why demand decreasesif demand increases Welcome
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- 33. Welcome Move and Welcome shift • Amove 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
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- 36. Welcome Welcome Tick box time Week Subject commencingarea 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 foreach 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 questionsdo you have based on today’s lesson?
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