business studies-y10 key points

Question 1

what is primary research?

Answer 1

research that involves the collection of data which no one else has collected

Question 2

What is secondary data?

Answer 2

collection of data which has already been collected and is available within the business or from outside the business.

Question 3

what is qualitative data?

Answer 3

information about opinions and judgements

Question 4

what is quantative data?

Answer 4

data interpreted in a numeric way,.

Question 5

what is marketing?

Answer 5

whole process which is responsible for anticipating needs, identifying needs and satisfying customer needs and wants.

Question 6

What can market research help with?

Answer 6

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.

Question 7

what are the four stages of the marketing mix?

Answer 7

price
product
promotion
place

Question 8

What does the marketing mix help with?

Answer 8

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.

Question 9

how can you segment a market?

Answer 9

age 
gender
income
area
ethnicity
religion
socioeconomic groups

Question 10

What is a market map?

Answer 10

diagram that identifys all the products in the market using two key features, high price and good quality.

Question 11

when would a gap in the market occour?

Answer 11

when no business is serving the needs of customers fot a particular style of product.

Question 12

what is repeat business?

Answer 12

when customers return to a business to have additional purchases.

Question 13

how could you encourage repeat business?

Answer 13

loyalty cards, discounts, special offers.

Question 14

what does the product life cycle show?

Answer 14

stages of a product that it goes through from development to withdrawl from the mrket, each product has a different life cycle.

Question 15

what is cashflow?

Answer 15

shows the concern the flow of money into and out of a business

Question 16

what are the four stages of the boston matrix?

Answer 16

stars
cashcows
dogs
problem children

Question 17

what is the boston matrix?

Answer 17

a tool of anaylysing the product portfolio and informing a decision making about possible marketing segments

Question 18

what is added value?

Answer 18

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.

Question 19

what is soletrading?

Answer 19

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.

Question 20

options for starting business?

Answer 20

franchise,soletraders

Question 21

what is the difference between limited liability and unlimited liability?

Answer 21

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.

Question 22

creative thinking?

Answer 22

occours as a result of the following process, and mindmaps or flow maps, or having a group discussion.

Question 23

why are calculated risks helpful?

Answer 23

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.

Question 24

what is invention?

Answer 24

the discovery of a new process and potential new product.

Question 25

what is innovation?

Answer 25

transforming inventions into a product that customers will buy that has commercial value.

Question 26

how can you protect your product?

Answer 26

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

Question 27

what is quality assurance?

Answer 27

quality of product being checked at each stage of production.

Question 28

What are the two main laws to protect customers?

Answer 28

civil law;sale of goods act

criminal law;trade descriptions act

Question 29

what is the sum for collecting revenue?

Answer 29

total revenue=selling price pee unit x numer of units sold

Question 30

what are stock levels?

Answer 30

materials that a business must buy to make their product

Question 31

what are credit terms?

Answer 31

time between a business receiving goods and paying for them

Question 32

what is the break even formular?

Answer 32

breakeven= fixed costs divided by selling price