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2.1 Explain The Characteristics Of Business Markets

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Understanding Business Markets
1.1 – Explain the characteristics of different business markets.
They’re many different types of customer you can sell your products too but the main business markets can be broken down into these 5 categories: business to business market - Industrial market - professional services and Financial services - Government - High Street
The business to business market is when one business simply sells it’s products to another meanwhile the industrial market consists of companies transacting business in hard goods such as machinery, materials, vehicles and supplies. Professional services include the delivery of business needs such as marketing, information technology, management consulting and payroll whereas financial …show more content…

Health and Safety is also an element when having a work force, it’s important to make sure they comply with the Work Health and Safely Act 2011. Finally if you’re leasing a property it’s important to stick to the Retail Shop Leases Act 1994.
Understand Business Innovation and Growth
2.1 Define business innovation
Innovation in business can be a new creative idea that is designed to help improve your business. Whether that be to improve the working lives of your staff, improve your profits or improve your products it’s something that will have a positive impact on your company.
2.2 Explain the uses of models of business innovation
Models of business innovation can help you identify opportunities to grow your business, generate new creative ideas, find and successfully enter into new emerging markets and create new systems and rules that will take your business forward.
2.3 Identify sources of support and guidance for business innovation
The government are constantly focused on improving business in the UK and offer help to those businesses who’re in need. Often local authorities also offer businesses help to get going. Some council’s offer a business start up plan which helps local people set up their own innovative …show more content…

If the customer is happy they will send their choice off to the productions team to have it made, once the customer is happy with their finished product they will then bill the client and gain any feedback. If the end product is more high end in quality, you may be more attentive to show how important the client is. The customer may expect a higher level of interaction.
5.3 Explain the features and uses of market research.
Market research is vital when setting up a business or preparing to sell a product. If you don’t know the market you’re entering into it’s very likely you won’t find it easy to compete. The way to conduct market research is to start by finding out who are your main competitors in the market. It’s important to think about what your competitors do well at as well as thinking about what they could improve on. If a business can do well at the same things as its competitors but at the same time offer something new and different then it’s likely to succeed.
5.4 Explain the value of a brand to an

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