Business - Marketplace 0.0 / 5 ? OtherAnimal ManagementOtherOther Created by: Becky_BerryCreated on: 29-11-20 11:41 Key Terms Marketplace: the activity of buying and selling products Marketshare: the percentage of the marketplace that the business holds External Influences: things the business cannot control but must react to Competitor Analysis: Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses 1 of 5 The Pet Care Market worth £3.6 billion in the UK 15% in online sales (£540 million) 4% growth Pets at Home at the same level of growth 3% in retail (accessories £550 million) 5% in veterinary (£2.7 billion) 2 of 5 External Influences External Influences: things the business cannot control but must react to Political and Regulatory new legislation Economic recession leading to less money spent on accessories Competitive new competitor/branch new products offer discounts Technological quicker manufacture internet access Social and Cultural different influences via social media 3 of 5 Competitors Direct Competitors the same sector, and the same product better value = gain customers better market share Indirect Competitors the same sector, but different products they release offers to attract customers work together 4 of 5 Marketing Plan increases customer base increases sales increases market share 1. Better interest rates (influence) 2. the business is more profitable (impact) 3. increased investment (action) 5 of 5
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