Business Mock Flashcards
Factors for business location
Type of business
Proximity to market
Raw materials
Labour
Competition
Internal growth(expansion)
Franchise
Open new stores
E-commerce
Outsourcing
External growth(expansion)
Merger
Takeover
How market research is collected
Questionnaire
Survey
Internet research
Market share formula
Your revenue/ market revenue *100
4 p’s
Marketing mix
Price
Product
Place
Promotion
Price
Marketing mix
Costs
Nature of market
Reputation
Competition
Product life cycle
Product
Marketing mix
Unique selling point
Strong brand image
Product life cycle
1- introduction
2- growth
3- maturity (extension)
4- decline
Extension strategies
- change target market
- add new features
- update packaging
- reduce prices
- advertising
Product portfolio
Stars. Question marks
Cash cows. Dogs
Promotion
Marketing mix
Advertising
Public relations
Sales promotion
Sponsorship
Social media
Place
Marketing mix
Refers to the distribution channel- direction from producer to consumer
Direct channel
Producer- consumer
One level channel
Producer- retailer- consumer
Two level channel
Producer- wholesaler- retailer- consumer
Internal sources of finance
Retained profit
Owner funds
Selling assets
Trade credit
External sources of finance
Government grants
Loan
Selling shares
Mortgage
Overdraft
Hire purchase
Solution to cash flow problems
Reschedule payments
Overdraft
New source of finance
Income statement includes
Revenue Cost of sales Gross profit Overheads Operating profit Tax and interest Net profit
Statement of financial position includes
Non current assets Current assets Non Current liabilities current liabilities Net assets Total equity
