Business Management

Question 1

business

Answer 1

an organisation that provides goods or services to customers for profit

Question 2

business management

Answer 2

process of planning, organising and controlling resources to achieve the goals of a business

Question 3

goods

Answer 3

tangible products

Question 3

services

Answer 3

intangible

Question 4

social enterprise

Answer 4

a business that aims to make a profit and improve the community/ environment

Question 5

entrepreneurship

Answer 5

process of starting and managing a new business venture, taking on financial risks in the hope of making a profit

Question 6

strategies that entrepreneurs use

Answer 6

identify business and passions, explore skills and expertise, researching market trends and embracing innovations

Question 7

innovation

Answer 7

essential for starting business – allows you to meet market demands, differentiate you from others…

Question 8

competitive advantage

Answer 8

the advantage that a company has over its rivals

Question 9

how do i achieve competitive advantage?

Answer 9

lowering a price, improving quality, using raw materials…

Question 10

Porter’s Strategic Theory

Answer 10

product differentiation and lowering costs

Question 11

methods of lowering costs

Answer 11

input prices, bulk production, standardised products

Question 12

input prices

Answer 12

reducing price of its inputs

Question 13

bulk production

Answer 13

buying resources in bulk

Question 14

standardised product

Answer 14

large production volumes with standard inputs (so basically the bulk production)

Question 15

what does lowering the cost do

Answer 15

increases business profits and increases percentage of market share (since it’s increasing the amount of products made as well)

Question 16

methods of achieving differentiation

Answer 16

marketing, quality, technology, branding, customer service

Question 17

marketing

Answer 17

the strategic process of promoting and selling products or services by understanding customer needs, creating value and effectively communication with the target audience

Question 18

market research

Answer 18

the process of collecting and analysing customer information

Question 19

target markets (4)

Answer 19

demographic, geographic, psychographic and behavioural

Question 20

demographic

Answer 20

age, gender, income level, education

Question 21

psychographic

Answer 21

what motivates customers – attitudes, values, interests

Question 22

behavioural

Answer 22

purchasing behaviours, brand loyalty, usage rage

Question 23

geographic

Answer 23

physical locations – rural or urban? hot or cold climate?

Question 24

market segmentation

Answer 24

determines the target market – dividing up the market into different groups of customers that share similar characteristics

Question 25

the 4 Ps of marketing

Answer 25

product, price, place and promotion

Question 26

price

Answer 26

the money you pay – price adjustment strategies (3)

Question 27

what are the price adjustment strategies

Answer 27

promotional pricing, psychological pricing and price matching

Question 28

place

Answer 28

do i want direct or indirect distribution, online or irl store?

Question 29

promotion

Answer 29

advertising, personal selling, direct marketing, social media marketing, influencer marketing

Question 30

product

Answer 30

branding, designs, quality and packaging