business studies-y10 key points Flashcards
what is primary research?
research that involves the collection of data which no one else has collected
What is secondary data?
collection of data which has already been collected and is available within the business or from outside the business.
what is qualitative data?
information about opinions and judgements
what is quantative data?
data interpreted in a numeric way,.
what is marketing?
whole process which is responsible for anticipating needs, identifying needs and satisfying customer needs and wants.
What can market research help with?
understanding what competition they will have and how they can be better than them, they can find out what that specific area is lacking and intoridce it so thy have mre customers, know their product range, what selling experiance they need and price ranges ns suppliers.
what are the four stages of the marketing mix?
price
product
promotion
place
What does the marketing mix help with?
take in account customer needs when selling a product,it uses the four p’s to identify how much the product should cost, how going to sell it an who ar the supliers, promotion is how its going go be adapted or advertised by sponsors and so on and also product itself and how they’re gonna help it meet customer needs.
how can you segment a market?
age gender income area ethnicity religion socioeconomic groups
What is a market map?
diagram that identifys all the products in the market using two key features, high price and good quality.
when would a gap in the market occour?
when no business is serving the needs of customers fot a particular style of product.
what is repeat business?
when customers return to a business to have additional purchases.
how could you encourage repeat business?
loyalty cards, discounts, special offers.
what does the product life cycle show?
stages of a product that it goes through from development to withdrawl from the mrket, each product has a different life cycle.
what is cashflow?
shows the concern the flow of money into and out of a business
what are the four stages of the boston matrix?
stars
cashcows
dogs
problem children
what is the boston matrix?
a tool of anaylysing the product portfolio and informing a decision making about possible marketing segments
what is added value?
the increased worth a business creates for a product, its the difference between hat a business pays for the product and the price the customers pay for the product.
what is soletrading?
most common type of business in the ul, someone who owns a business alone without any others, set up with own savings, if it goes wrong they could loose possibly everything they own.
options for starting business?
franchise,soletraders
what is the difference between limited liability and unlimited liability?
limited liability is where the company isn’t responsible for all the debts but all the shareholders as well are responsible however u limited liability is within sole traders were all the debts are laid on them to ay alone without loans or shareholers.
creative thinking?
occours as a result of the following process, and mindmaps or flow maps, or having a group discussion.
why are calculated risks helpful?
used to make decisions, used to see possible future risks, the chanced of success which are seen, what the costs or funds would be are aslo seen in calculating risks.
what is invention?
the discovery of a new process and potential new product.
what is innovation?
transforming inventions into a product that customers will buy that has commercial value.
how can you protect your product?
You van protect a product by putting the copyright lable on it so if another business tried to sell that product they would get a fine for copying a businesses product
what is quality assurance?
quality of product being checked at each stage of production.
What are the two main laws to protect customers?
civil law;sale of goods act
criminal law;trade descriptions act
what is the sum for collecting revenue?
total revenue=selling price pee unit x numer of units sold
what are stock levels?
materials that a business must buy to make their product
what are credit terms?
time between a business receiving goods and paying for them
what is the break even formular?
breakeven= fixed costs divided by selling price
