LESSON 22.6 What factors influence business opportunities?
LEARNING INTENTION By the end of this lesson you should be able to explain which external factors influence business opportunities.
Tune in Businesses can target specific groups of people when marketing their products.
FIGURE1 Who is being targeted by this advertisement?
1. Consider FIGURE 1. If it was an advertisement for a gym, who would it be targeting? What would their age be? What would be their income level and lifestyle? Where would the gym be located and how much might it charge for membership? 2. Think of a product that a business could produce. It could be an existing product like a chocolate bar, sports drink or evena car. 3. Describe the age of the person who might buy this product. What might their income level be? Where might a person purchase this product? How much might it cost? External factors influencing opportunities Businesses are always searching for opportunities, including ideas for new products, ways to attract new customers and more efficient methods of running the business. Many factors influence opportunities for businesses, and these can be classed as external and internal factors. 22.6.1
TOPIC22 Financial goals and decision-making 647
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