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business > business theme 1 > Flashcards

business theme 1 Flashcards

1
Q

what is meant by customer needs ?

A

customer wants and desires

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2
Q

define the term market research

A

gathering information about customers

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3
Q

what are primary market research methods

A

surveys, interviews, focus groups

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4
Q

name a secondary market research source

A

government statistics, industry reports

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5
Q

explain the concept of a target market

A

a specific group that the marketing efforts are targeted towards

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6
Q

what is a USP (marketing)

A

unique selling proposition

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7
Q

describe the purpose of product differentiation

A

standing out from competitors

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8
Q

what role does branding play

A

identifies and distinguishes products and brands

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9
Q

name a customer retention strategy

A

loyalty programmes and special offers

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10
Q

how can businesses adapt to changing customer preferences

A

Market research and innovation adadptation

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11
Q

what is a market

A

interaction of buyers and sellers

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12
Q

define the term “demand”

A

desire for goods and services

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13
Q

what factors can affect demand

A

price, income, substitutes, complements

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14
Q

describe the concept of supply

A

quantity of goods available

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15
Q

what influences supply

A

cost of production, technology

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16
Q

what is the equilibrium price

A

where the demand meets supply

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17
Q

what is the ideal/perfect competition

A

many small firms competing

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18
Q

define the term “monopoly”

A

one single seller dominating a market

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19
Q

explain oligopoly in markets

A

a few large firms dominating

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20
Q

define price elasticity of demand

A

responsiveness of demand to price

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21
Q

what is PED formula

A

percentage change in quantity demanded/percentage change in price

22
Q

what factors affect elasticity

A

necessity of product, price changed

23
Q

describe income elasticity of demand

A

demand changed along with income

24
Q

what is cross price elasticity

A

the relationship between two different goods prices

25
Q

explain price elasticity of supply

A

responsiveness of supply to the price

26
Q

what factors affect supply elasticity

A

production time, recourse availability

27
Q

what is the marketing mix

A

product, price, place, promotion

28
Q

what are the pricing strategies

A

penetration, skimming, competition based

29
Q

what is the price penetration strategy

A

offering a lower price initially to attract customers to a new product or service

30
Q

what is the price skimming strategy

A

when a company charges the highest initial price that customers will pay and then lowers in over time

31
Q

what is competition based pricing strategy

A

choosing a strategic price to take advantage of a product or service based on the competitions price

32
Q

name promotion methods

A

advertising, sales promotion, PR

33
Q

describe Maslow’s hierarchy of needs

A

in order from the bottom- psychological needs, safety and security, love and belonging, self-esteem, self actualisation

34
Q

what is Herzberg’s two-factor theory ?

A

hygiene and motivation

35
Q

what is delegation in management

A

recognition, rewards and team building activities

36
Q

what are characteristics of an entrepreneur

A

innovative, risk taking, proactive, visionary

37
Q

what is meant by the term innovation

A

introducing new ideas/methods

38
Q

what are the different leadership styles

A

autocratic, democratic and laissez faire

39
Q

describe an autocratic leadership style

A

-clear lines of authority
-centralized decision making
-employees ideas not considered

40
Q

describe a democratic leadership style

A

-group makes decisions
-contribution encouragement
-employees ideas are considered
-pride in their work

41
Q

describe a paternalistic leadership style

A

-prioritize employees well-being
-manager will listen but has final say
-loyalty and family like

42
Q

describe laissez faire leadership style

A

-encouraging creativity and risk taking
-delegation
-minimal supervision
-freedom to make decisions

43
Q

what is share capital?

A

money from selling ownership

44
Q

what is a dividend

A

a dividend payment is the distribution of a company’s profits to its shareholders (stock holders)

45
Q

what is retained profit

A

profits kept within the company

46
Q

explain the term loan capital

A

money a company borrows from external sources like banks

47
Q

explain the term venture capital

A

funding that investors provide to start up business and mall businesses with high growth potential. in exchange, the investors usually get a share of ownership in the company.(high risk)

48
Q

what is an overdraft ?

A

agreement with bank where businesses can can make payments exceeding their cash balance

49
Q

describe crowdfunding

A

raising small amounts of money from people and group, usually online

50
Q

what are subsidies ?

A

financial support from the government to help reduce business costs, encourage growth

business (3 decks)

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