Activity 3: Markets
Activity Three illustrates the importance of understanding customers and competitors when starting a business. To run a successful business you need to understand who your customers are and importantly, how you are going to reach them.
About this case study
The case study illustrates the importance of understanding customers and competitors when starting a business. To run a successful business you need to understand who your customers are and importantly, how you are going to reach them.
In this activity you will:
- Find out about the theory of understanding markets
- Meet Ashleigh our third entrepreneur and learn about her business challenges
- Hear the advice of the business professionals
- Provide your advice through an online poll
- Hear what Ashleigh actually did in the ‘reveal’ (available 13.00 BST Friday 18 September 2015)
- Check your understanding
- Relate the learning to your own business ideas
Having completed this activity you will be able to:
- Understand your target market
- Describe your industry
- Apply the ‘4Ps marketing mix’ to a business opportunity
Understanding customers and competitors
In this lecture Dr. Sarah Underwood focusses on the importance of understanding customers and competitors when starting a business.
Sarah considers the difference between a market and an industry and helps you define your market and the product or service you can offer to that market. At the end of the video she poses two questions:
1. Where would you go to find out about your industry or market?
2. How do you want to be thought of as an organisation?
Ashleigh's business challenge
In this case study the entrepreneur has a challenge. Ashleigh has identified a number of options for taking her business forward and she is asking you to consider these options and discuss your thoughts with your fellow learners.
Watch the video case study and then, having considered the importance of understanding markets for a successful company, decide what you think Ashleigh should do. Which is the best route to her customers, how can she identify her target market?
Having reached your decision move on to the next step where our four advisers give their response.
Advisers' View
Each adviser has provided their thoughts on how Ashleigh should move her business forward.
The video above provides a consolidated response featuring key points from each adviser.
What do you think?
Our entrepreneur needs your help! Having watched the third case study and the adviser videos it’s time for you to vote for the option(s) you think our entrepreneur should choose.
Ashleigh's Decision
Ashleigh Rodda is a graduate from the University of Leeds and runs Bariatric Training Suits LTD, the first company in the United Kingdom to design, build and supply bariatric training suits.
In this video Ashleigh explains which options she chose and why. Are you surprised by her choices?
If you would like to know more about Bariatric Training Suits LTD you can access the website at www.bariatrictrainingsuits.com.
Check your Understanding
Check your understanding by completing our short online quiz. You can download the answers once you have completed the questions.
Test your Understanding
Having reached the end of the first week of this course you can now test your understanding.
At the end of the test, correct answers will be provided. You can then check your understanding level.
Test your Understanding
