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Business Studies

A Level

What are Porter's Five Forces and how are they used?

Michael Porter devised a framework called 'The Five Forces of competition' to classify and analyse the factors that determine the intensity and levels of competition in different industries.

Answered by Lonie S. • Business Studies tutor

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What is the marketing mix?

The marketing mix, commonly associated with the 4Ps, describes the various factors that firms consider when marketing a product. These marketing mix is based upon the firm’s knowledge of its customers ...

Answered by Robert P. • Business Studies tutor

3398 Views

What are the benefits of innovation within a business?

Definition

Innovation is the successful exploitation of new ideas. This is predominantly achieved through research and development (R&D). R&D is the necessary inves...

Answered by Jake H. • Business Studies tutor

41249 Views

Evaluate the use of marketing plans for businesses:

Advantages of a Marketing Plan:-Having a marketing plan forces a business to think about how it will act in the future; this means they will be proactive and not just reactive (where they...

Answered by Peter C. • Business Studies tutor

2808 Views

How does quantitative sales forecasting compare to qualitative sales forecasting?

Advantages of quantitative forecasting:-Numerical so easy to interpret and easy to analyse for example graphs can be made.-Data can be objectively interpreted and bias is often not an iss...

Answered by Peter C. • Business Studies tutor

29559 Views