Edexcel Business A Level Revision

Niche market - A smaller segment of a larger market where customers have specific needs and wants. Cultural diversity - is the range of different people and their values within a society, which may be based on ethnicity, beliefs or other similar factors. Society attempts to take into account all people's values in order to create a just and fair world.  Global niche markers are similar to domestic niche markets in that they target a very specific range of people, though the key is to position a product so that it appeals to a wide range of customers across the global market. CULTURAL DIVERSITY Cultural diversity recognises that the ideas, customs and social behaviour of a particular people or society vary in different global markets. Those businesses that cater for this will thrive but will struggle to identify exactly what niches in the marker that they have to fill. Those who don't are likely to lose market share. Cultural diversity needs to take into account d...

A strong culture - is one which is deeply embedded into the ways a business or organisation does things. With a strong culture, employees and management understand what is required of them and they will try to act in accordance with the core values. A weak culture - can arise when the core values are not clearly defined, communicated or widely accepted by those working for the organisation.  It can also occur if there is little alignment between the way things are done and the espoused values. This can lead to inconsistent behaviour of people in the organisation which in turn results in inconsistent customer experiences! Strong Culture Weak Culture Staff respond positively to culture values Little alignment with culture values Shared sense of responsibility towards vision, mission and objectives Employees have to be forced to perform duties Motivated and loyal workforce Greater management control...

Corporate culture - The values, beliefs and standards shared by people and groups within an organisation. These will impact on the way that people within the organisation interact with each other and with other stakeholders. "The way we do things around here" - Charles Handy The culture of a business is reflected in many ways, e.g; How employees are recruited - the cultural factors that make one applicant more suitable than another  The way that visitors and guests are looked after How the working space is organised The degree of delegation and individual responsibility (effects decision making) How long new employees stay in a business (retention) How contracts are negotiated and agreed The personality and style of the sales force The responsiveness of communication (impacts staff motivation) The methods used for communication (impacts staff motivation) How staff address each other (first name, last name etc) The speed in which decisions are made (effects de...