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revision > Business Mock > Flashcards

Business Mock Flashcards

1
Q

Factors for business location

A

Type of business

Proximity to market

Raw materials

Labour

Competition

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2
Q

Internal growth(expansion)

A

Franchise

Open new stores

E-commerce

Outsourcing

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3
Q

External growth(expansion)

A

Merger

Takeover

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4
Q

How market research is collected

A

Questionnaire

Survey

Internet research

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5
Q

Market share formula

A

Your revenue/ market revenue *100

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6
Q

4 p’s

Marketing mix

A

Price
Product
Place
Promotion

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7
Q

Price

Marketing mix

A

Costs

Nature of market

Reputation

Competition

Product life cycle

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8
Q

Product

Marketing mix

A

Unique selling point

Strong brand image

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9
Q

Product life cycle

A

1- introduction
2- growth
3- maturity (extension)
4- decline

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10
Q

Extension strategies

A
  • change target market
  • add new features
  • update packaging
  • reduce prices
  • advertising
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11
Q

Product portfolio

A

Stars. Question marks

Cash cows. Dogs

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12
Q

Promotion

Marketing mix

A

Advertising

Public relations

Sales promotion

Sponsorship

Social media

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13
Q

Place

Marketing mix

A

Refers to the distribution channel- direction from producer to consumer

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14
Q

Direct channel

A

Producer- consumer

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15
Q

One level channel

A

Producer- retailer- consumer

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16
Q

Two level channel

A

Producer- wholesaler- retailer- consumer

17
Q

Internal sources of finance

A

Retained profit

Owner funds

Selling assets

Trade credit

18
Q

External sources of finance

A

Government grants

Loan

Selling shares

Mortgage

Overdraft

Hire purchase

19
Q

Solution to cash flow problems

A

Reschedule payments

Overdraft

New source of finance

20
Q

Income statement includes

A 
Revenue
Cost of sales
Gross profit
Overheads
Operating profit
Tax and interest 
Net profit
21
Q

Statement of financial position includes

A 
Non current assets
Current assets 
Non Current liabilities 
current liabilities 
Net assets 
Total equity

revision (15 decks)

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