Business Term 3 Content

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Business Term 3 Content by Mind Map: Business Term 3 Content

1. Forecasting

1.1. Predict what is happening in the future

1.2. Using market research accurately

2. Understanding the markert

2.1. Current Customers

2.2. Current Competitors

2.3. Potential Customers

2.4. Potential Competitors

2.5. the impact of outside influences

2.5.1. economy

2.5.2. politics

2.5.3. population growth/decline

3. Improving return on investment

3.1. Improve Profitability

3.2. Use resources efficiently and effectively

4. Exploiting new market opportunities

4.1. Discover gaps in the market

4.2. Use Market research to establish strong and weak points in the market.

5. Reducing the level of risk

5.1. Significant financial and business risks

5.2. Developing new products is high risk.

5.3. Address market needs

5.4. Use Market Research to the companies benefit.