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Enterprise > Characteristics > Flashcards

Characteristics Flashcards

1
Q

7 Characteristics of a successful entrepreneur.

A

Innovation
Creativity
Risk-taking
Communication
Determination
Confidence
Negotiation.

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2
Q

What is an entrepreneur?

A

A new businessperson who risks setting up a new business.

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3
Q

What is innovation?

A

A new way of doing something.

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4
Q

Risk can result in…

A

Reward or failure.

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5
Q

Why is communication important for an entrepreneur?

A

Contacting investors or clients, online communication, advertising, pitching ideas.

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6
Q

What is the first objective in a business?

A

To survive.

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7
Q

4 risk taking rewards. IS FM

A

Independence, self-satisfaction, financial, making a difference.

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8
Q

4 potential drawbacks of risk taking.

A

Financial, health and well-being, work-life balance, personal relationships.

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9
Q

What is cash?

A

Money in the bank

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10
Q

What is Primary research (field research)?

A

New research that has not been carried out.

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11
Q

What is Secondary research (desk research)

A

Research that has already been carried out.

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12
Q

How can you segment a market?

A

Age
Gender
Income
Hobbies
Job
Living situation
Lifestyle
Interests.

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13
Q

6 ways of Primary Research.

A

Interviews
Observations
Focus groups
Questionnaires
Surveys
Consumer Trials.

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14
Q

5 ways of Secondary Research.

A

Internal data
Competitions data
Reports
Governmental stats
Books, magazines etc.

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15
Q

3 disadvantages of Secondary Research.

A

Potentially biased.
Sometimes Inaccurate.
Sometimes unspecific.

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16
Q

3 advantages of Secondary Research.

A

Quick.
Affordable.
Potentially “industry-specific”.

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17
Q

3 disadvantages of Primary Research.

A

Money.
Sometimes inaccurate.
Time.

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18
Q

3 advantages of Primary Research.

A

Addressing issues.
Specific.
Choice of research strategies.

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19
Q

What is Revenue?

A

Money before expenses.

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20
Q

What is profit?

A

Money after expenses.

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21
Q

What is the total cost formula?

A

Fixed costs+Variable costs= Total Costs.

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22
Q

Fixed costs are…

A

Costs that don’t change regardless of profit.

23
Q

Variable costs are…

A

Costs that can change depending on profit.

24
Q

What is Break even?

A

When a business doesn’t make a profit nor loss.

25
Q

What is Quantitative data?

A

Useful information for stat analysis and to review it.

26
Q

When pricing, businesses have to consider?

A

How much the product costs to produce.
How much customers are willing to pay.
How much customers can afford to pay.
The competitor products from similar products.

27
Q

What are extension strategies?

A

Plans a business can create to extend a products life and increase sales.

28
Q

4 Main extension strategies.

A

Advertising,
Change of product price,
Adding value,
Exploration of new markets and new packaging.

29
Q

Advertising
1pro 1con

A

Pro: Wide coverage.
Con. Expensive.

30
Q

5 stages of Product lifecycle.

A

Development
Introduction
Growth
Maturity (produce extension)
Decline-withdrawal.

31
Q

What is an introduction (in a product lifecycle)?

A

A successful launch means a steady rise in sales.

32
Q

What is growth (in a product lifecycle)?

A

This is when there is more interest in a product, with a rapid increase in sales and also could result in repeat custom.

33
Q

What is repeat custom?

A

Customers returning.

34
Q

What is Maturity (in a product lifecycle)?

A

This is when the the growth of sales slows and the amount of new customers decline, also rivals launch similar products.

35
Q

What is decline (in a product lifecycle)?

A

A decline is a big reduction in sales, where there is lots more choice on the market. If this continues, the product could be withdrawn.

36
Q

What are mass markets?

A

Markets for products produced in large quantities.

37
Q

What is the purpose of marketing?

A

The purpose of marketing is to build a brand name, attract new customers and gain repeat custom.

38
Q

What is the marketing mix?

A

Elements of a business including, product, price, place and promotion to make products sell successfully.

39
Q

What do businesses have to consider when pricing?

A

How much it costs to produce
How much customers are willing to pay
How much customers can afford to pay
Competitors prices.

40
Q

What are the marketing mix’s 4 p’s?

A

The right PRODUCT
At the right PRICE
In the right PLACE
With the right PROMOTIONAL OFFER.

41
Q

What is competitive pricing?

A

When a business considers competitors price for similar products first.

42
Q

What is psychological pricing?

A

When a business chooses to avoid whole numbers to make products seem cheaper.

43
Q

What is price penetration?

A

When a business starts their selling price low, than later increase it.

44
Q

What is price skimming?

A

When a businesses charges a high price first, than later reduces it.

45
Q

What is a disadvantage of psychological pricing?

A

If it is overused, it wont have much effect.

46
Q

What is a disadvantage of competitive pricing?

A

They could make a loss if they only base their price on competitors.

47
Q

What is a disadvantage of price penetration?

A

Customers might be put off from the the later price and due to the initial lower selling price , a business might suffer a loss.

48
Q

What is a disadvantage of price skimming?

A

The first price might be off-putting for customers.

49
Q

3 ways to get a strong brand image.

A

Simple branding
Target audience
Globalisation.

50
Q

What’s an advantage of competitive pricing?

A

It ensures prices do not repel customers away from the brand.

51
Q

What’s an advantage of psychological pricing?

A

More people will want to buy it as it seems cheaper.

52
Q

What is an advantage of price penetration?

A

Good for crowded markets.

53
Q

What’s an advantage of price skimming?

A

You get higher profit at the growth stage.

54
Q

What are six types of promotional offers?

A

Free gifts
BOGOF (Buy One Get One Free)
Loyalty Schemes
Point of sale advertising
Discounts
Competitions.

Enterprise (2 decks)

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