Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

EOY Revision > Business EOY Revision > Flashcards

Business EOY Revision Flashcards

1
Q

What are the two ways that new business ideas come about?

A

Original ideas and adapting existing ideas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the reasons why new business ideas come about?

A

Changes in what consumers want, obsolescence and changes in technology

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What does it mean if a business is dynamic?

A

Constantly changing and adapting for new customer needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the big risks in making a business?

A

Business failure, financial loss, lack of security

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the big rewards in making a business?

A

Business success, profit, independence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the main roles of a business?

A

To produce goods and services, to meet customer needs and to add value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are the different ways to add value?

A

Convenience, branding, quality, design and unique selling points

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are the roles of entrepreneurs?

A

Manage resources, take risks and to make important decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are the four customer needs?

A

Price, quality, choice and convenience

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is the importance of identifying and understanding customers?

A

Generating sales and business survival

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What does meeting customer needs usually lead too?

A

Repeat purchases and loyal customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What are the purpose of market research?

A

To identifying customer needs, to identify gaps in the market, to reduce risks and to inform decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are the two types of data?

A

Qualitative and quantitative

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What type of data uses numbers

A

Quantitative

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What type of data uses worded responses?

A

Qualitative

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What does market research need to be if a business is going to use it?

A

Reliable

17
Q

What are the two types of market research?

A

Primary and secondary

18
Q

What is primary market research?

A

Research/data they have got first hand-Not online

19
Q

What is secondary market research?

A

Research that has already been found by another business online

20
Q

What are some examples of primary research?

A

Focus groups, observations, experiments, questionnaires and social media

21
Q

What are some examples of secondary research?

A

The internet, local newspapers, government reports, market reports, telephone directories and sales data

22
Q

What are the different segments that the target market is split up into?

A

Demographics, income, gender, age, lifestyle and location

23
Q

What is the acronym for the methods of segmentation?

A

DIGALL

24
Q

What is the use of market mapping?

A

When businesses create a mindmap full of competitors to find the gap in the market

25
Q

What are some financial aims and objectives for start-up businesses

A

Survival, profit, sales, market shares, financial security

26
Q

What are some non-financial aims and objectives for start-up businesses?

A

Social objectives, personal satisfaction, challenge, independence and control

27
Q

What is the difference between an aim and an objective?

A

An aim is what a business want to achieve; whereas an objective is a smaller step to help achieve the aim.

28
Q

What is the importance of cash for a business?

A

Paying suppliers, bills and employees and to prevent business failure

29
Q

What is in a cash flow forecast?

A

Inflows, outflows, net cash flow and opening and closing balance

30
Q

What are the two short term sources of finance?

A

Overdraft and trade credit

31
Q

How long do you have to pay it back by for it too be a short-term source of finance?

A

Under one year

32
Q

What are some examples of long term sources of finance?

A

Personal savings, venture capital, share capital, loans and retained profit

33
Q

What are the different types of businesses?

A

Sole trader, partnership and limited company

EOY Revision (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions