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Business Theme 1 > 1.1.1 > Flashcards

1.1.1 Flashcards

1
Q

What is Risk Management?

A

Process of identifying, assessing and preparing for potential threats to a businesses sucess.

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2
Q

What is Market share?

A

The proportion of a market controlled by a particular company or product.

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3
Q

What is Market Share formula?

A

Sales of business / Total sales in Market X 100

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4
Q

What are 2 types of competition?

A

Direct
Indirect

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5
Q

What is Indirect competition?

A

When businesses offer different products but compete for the same customers.

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6
Q

2 Advantages of targeting Niche Market?

A

less Competition

High Profit Margin

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7
Q

What is Market Growth?

A

It is the measurement of a change of the entire market.

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8
Q

What is Competition?

A

At least 2 businesses are providing goods/services to the same target market.

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9
Q

Why do markets change? 3

A

Changing consumer trends

Changes in demographic

Amounts of competition

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10
Q

What is Online Retailing?

A

Online retailing involves selling products via the internet.

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11
Q

What are 3 Advantages of Online Retailing?

A

Access to more customers

Longer trading hours

Convenient

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12
Q

What are the 3 Disadvantages with Online retailing?

A

High cost of website development.

Larger businesses dominate.

More competition

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13
Q

What is Sales Volume?

A

Number of products sold.

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14
Q

What is an uncertainty?

A

Uncertainties cannot be prepared for.

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15
Q

What is a Market?

A

A Place where buyers and sellers meet.

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16
Q

What is Marketting?

A

Methods a company uses to promote goods and services.

17
Q

2 Disadvantages of targeting a Niche?

A

Less opportunity for economies of scale

Vunerable to changes n demand.

18
Q

What is a Risk?

A

A threat to a business which can be prepared for.

19
Q

What is a Dynamic Market?

A

A market which is subject to rapid change or continuous changes.

20
Q

What are 2 ways of measuring Market Size?

A

Sales Volume

Sales value

21
Q

How may Competition Benefit Customers? 2

A

Offer lower prices
Wider range of goods

22
Q

What is Direct Competition?

A

When a business is targeting customers from the same target market with same products.

23
Q

Characteristics of Niche Market? 3

A

High Profit margins
High average cost
Low sales volume

24
Q

Characteristics of Mass Market? 3

A

Low average cost
Low profit margins
Standardized products.

25
Q

What is Product Innovation?

A

Adaptation or improvements of existing products.

Business Theme 1 (22 decks)

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