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Business studies > Book 2 > Flashcards

Book 2 Flashcards

1
Q

Census data

A

Collected every 10 years

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2
Q

The 4 ps

A

Product place price promotion

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3
Q

Cost plus pricing

A

This is a pricing method that adds a percentage to the cost of making a product to give the selling price

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4
Q

Competitor pricing

A

This is when a price is set based on prices charged by competitor business for a similar or identical product

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5
Q

Promotional pricing

A

This is a reduction in price to attract customers to an existing product or to sell off old product

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6
Q

Promotional pricing advantages

A

Attract customers interstore, breaks loyalties with other brands, encourages customers to buy more

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7
Q

Promotional pricing disadvantages

A

Customers make it used to the promotions and not buy at a full price any more, can lead to stock not being available

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8
Q

Price skimming

A

This is where product is more advanced than that of competitors and therefore prices high because the customers are willing to pay higher prices to own that product like Apple

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9
Q

Price skimming advantages

A

Help to build a reputation for high-quality product, potential for high sales revenue

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10
Q

Disadvantages of price skimming

A

May lead to low sales volume

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11
Q

Penetration pricing

A

When a business is new to the market, a price is lower than competitive business. This is a short term strategy to help break customers loyalties from trusted brands.

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12
Q

Penetration pricing advantages

A

Setting low prices can be in market tour raising brand awareness, a quick way to gain market share and enter competitive industry

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13
Q

Penetration pricing disadvantages

A

It might involve sending out a loss for first a few months, it is risky

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14
Q

Promotion

A

Promotion is concerned with how a business informs its customers about a product or service and then persuade them to buy

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15
Q

TV advertising

A

Costly but lots of money, suitable for larger companies, it helps to reach a large audience

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16
Q

What are the benefits of TV advertising?

A

Reach your target audience, large viewership, visual imagery

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17
Q

What are the drawbacks of TV advert?

A

Television advertising is costly therefore suit or larger businesses, audience can switch fast forward through adverts and less people watching traditional channels to streaming

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18
Q

Benefits for social media advertising

A

Social media accounts are cheap to operate but not free as there will be some cost involved, i.e. staff

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19
Q

Disadvantages for social media advertising

A

It can be time consumers to manage, negative feedback from customers may be viewed by other customers

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20
Q

Radio advertising

A

Radio advertising is cheaper than TV advertising, radio is portable so can reach customers anywhere. This also includes in the car and listening may be able to to visit the business before reaching their destination.

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21
Q

Radio advertising disadvantages

A

One problem is that the product cannot be seen, a further problem is that listeners may skip adverts

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22
Q

Websites, advantages

A

Most businesses will have their own website and can be easily updated, websites can be used to send a particular message to buyers in attempt to persuade customers to buy from that business, videos can be used to show the product in more detail i.e. ASOS

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23
Q

Websites disadvantages

A

Setting up and maintaining a well-designed complex website can be expensive which can be an issue for smaller businesses with limited funds, therefore smaller businesses may use simpler websites

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24
Q

Printed media

A

Local newspapers, national newspapers, magazines ,books

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25
Q

Lost leader

A

A loss leader is a product priced below cost price in order to attract customers into the shop online store. The purpose of making a product a loss leader is to encourage customers to make further purchases or profitable goods while they shop

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26
Q

Invention

A

This is it the introduction of a totally new idea

27
Q

Innovation

A

This is the improvement of an original idea

28
Q

Product life cycle

A

An important concept in marketing it describes the stages of products goes through from when it was first thought of until finally it is removed from the market

29
Q

Product life cycle

A

Introduction- researching develop developing and then launching the product
Growth- when sales are increasing at their fastest rate
Maturity - sales are near their highest but the rate of growth is slowing down because of new competitors in the market
Decline - final stage of cycle when sales begin to fall

30
Q

Extension strategies

A

Extend the life of a product before it goes to decline

31
Q

Distribution channels

A

All the organisations through which a product must pass between its point of production and purchased by the consumer

32
Q

Consumer

A

Customers buying biscuits directly from the biscuit factory

33
Q

Drawbacks of wholesaler

A

Stocking similar products to rivals, market less profit because the wholesale will need to mark some too

34
Q

Regional distribution centre

A

RDC are owned by the retailer and are used to store products they will later sell In their stores

35
Q

Two reason why some businesses choose to to sell their products online

A

Reaches global audience, decreases costs, open 24/7

36
Q

Why do some businesses choose to sell their products from a physical shop

A

Can offer personalised service, can display items

37
Q

Via physical distribution

A

Goods we can touch

38
Q

Via digital distribution

A

Selling online / digital

39
Q

Digital distribution advantages

A

Goods are downloaded so available instantly, cost saving

40
Q

Digital distribution disadvantages

A

Not suitable for all products, not all customers have access to to an internet

41
Q

Data

A

Information

42
Q

Market data

A

Market data is information that will help a business make marketing decisions

43
Q

What data might business consider

A

Target market, changes in demand, market share

44
Q

Target market

A

This is the group of customers who the business tries to sell its products to

45
Q

Identifying Human Resources

A

This refers to the activity of thinking about the purpose of human of Human Resources and how many and what type of workers will be needed

46
Q

Recruitment

A

Process of searching for a new employed and trying them to apply for jobs

47
Q

Human Resources need

A

Identify vacancy, write job description, write person specification

48
Q

Job description

A

A job description is a document that describes the duties that a worker is required to carry out

49
Q

Person specification

A

A person specification is a document that lists the qualifications, skills and experience that a worker needs to be able to carry out

50
Q

Internal recruitment

A

When a vacancy is filled with someone who already works in the organisation

51
Q

External recruitment

A

When the organisation fills a post with someone from outside of the organisation

52
Q

What may be included in a job advertisement

A

Duties, qualifications needed, experience needed, days of hours and work

53
Q

Where can business advertise external candidates

A

Local newspaper, nation newspapers, magazines

54
Q

Methods of selection

A

Methods of selection are the ways in which a business can narrow down the applicants for a job

55
Q

A CV

A

Course of life

56
Q

Information included in a CV

A

GCSEs, skills, previous jobs

57
Q

Advantage of cv

A

Shows the ability of a candidate to organise information

58
Q

Disadvantages of cv

A

May exaggerate the truth

59
Q

Application form

A

Provide information in answer to question on a form

60
Q

Methods of good selection

A

Good first impression, turn negatives into positives

61
Q

Training

A

A short term process of increasing the knowledge and skills of the workforce to be enable them to preform their jobs effect

62
Q

Development

A

A long term process focused on helping the worker realise their linger term potential

63
Q

Induction training

A

Training aimed at Introducing new employees to a business and its procedures

Business studies (3 decks)

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