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Consumer Studies > entreprenueurhsip > Flashcards

entreprenueurhsip Flashcards

1
Q

What is an entrepreneur

A

A person who has an idea or recognizes a need for a product or service, they take a chance and spend money to start a successful profitable business

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2
Q

How can one identify a profitable business

A

It is essential to conduct research, find out who the target market is and there needs, analyze current available products,

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3
Q

List the 8 requirements for a successful profitable business

A

Passion, target market, product, competitive advantage, price, location, research, start-up costs

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4
Q

state 6 reasons why it is necessary to do research about a business idea

A

aids help make realistic decisions, organize thoughts, identify challenges, evaluate progress, determine profitability, convince investors

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5
Q

List the 7 steps on how to set up a business

A

find info about the business, production plan, marketing plan, financial plan, swot analysis, management plan, protection of your idea.

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6
Q

what are the 5 p’s of marketing

A

product, price, place, person, promotion

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7
Q

What does SWOT stand for

A

strength, weakness, opportunities, threats

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8
Q

What is a patent

A

provides you w sole right to produce your product

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9
Q

What is the benefit to product specification?

A

keeps standards, quality remains constant, consumers remain satisfied

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10
Q

What info is required for product specification?

A

appearance, ingredients, packaging, equipment, standardization

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11
Q

What does SETA stand for

A

Sector Education and training academy

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12
Q

List 4 ways that you can access money to start up a business

A

own savings, loan, partnership, possible investors

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13
Q

list 4 start up costs

A

registration fees, business license, deposit, purchase equipment

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14
Q

list 4 operational costs

A

rent, salaries, loan instalments, fuel

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15
Q

List 3 ways that ergonomics can be applied to workers work spaces

A

ensure there comfort, correct heights, addequate space to move,

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16
Q

Why is it beneficial to develop relationships between you and the supplier

A

Could result in business contacts

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17
Q

Why should you use locally produced produce

A

Often better quality and more easily available

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18
Q

What 3 things are used to attract the consume

A

packaging, marketing, product

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19
Q

List 4 ways you can make a product irrisitable

A

high quality, affordable, unique, relevant product

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20
Q

state the 7 Factors influencing efficient quality production

A

planning, product specs, quality control, neatness of work place, hygiene of workers, control finances, stock

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21
Q

List 3 things to keep in mind when setting goals

A

determine the product that’ll be made, find a place, calculate how much to produce

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22
Q

Why is it important to maintain equipment

A

break downs = less production = less sales = less profit

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23
Q

What are the 5 things to keep in mind when planning

A

set goals, construct a detailed plan, planning order, keep in mind possibility of mistakes, priorities

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24
Q

Why are specifications important

A

ensures consistiency

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25
Q

What is the benefit to quality control

A

ensures constant quality

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26
Q

What does it mean if a space is ergonomically designed

A

It means that it’s the most accesible and functional an area can be for its workers

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27
Q

List 3 finanacial records that should be kept

A

income, collecting of debt, savings

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28
Q

How can you make more profit

A

increase selling price or decrease production costs

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29
Q

impact of buying too much stock

A

cash flow issue, inadequate storage, stock becomes damaged

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30
Q

not purchasing enough stock

A

production reduced, less profit, cancel orders, unhappy customers

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31
Q

Formula for the control of finances

A

setting of a budget + accurate stock purchases + correctly calculated costs

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32
Q

State 5 reasons why stock control is important

A

ensures quality of ingredients, prevents production stopping, prevents waste, prevents over spending, prevents theft.

33
Q

Disadvantage of high quality products

A

Expensive

34
Q

Advantage of low quality products

A

Cheap

35
Q

Why is it beneficial to listen to consumers needs

A

helps you to adopt and modify a product to best suit there needs

36
Q

What does presentation influence

A

The perception of quality and price

37
Q

Formula for quality of packaging design

A

target market + sp + aim of packaging

38
Q

list 4 aspects of packaging that attracts the consumer

A

quality, neatness, attractiveness, efficiency

39
Q

Function of labels

A

ensures quality and safety

40
Q

2 examples of beneficial labels

A

clothing care guidlines, food labels for allergies

41
Q

list three ways to use time effectively

A

Plan, set production schedules, ensure profit is inline w amount of time spent on it

42
Q

List 5 ways that time can be used effectively

A

prioritize, deadlines, routine, neatness, dont postpone

43
Q

why should you keep records of stock

A

Ensure organisation and it makes ordering easier

44
Q

How can you make stock control easier

A

storage areas should be kept clean, neat and organized

45
Q

How can you one prevent stock damage

A

keep areas clean and dry

46
Q

What does the abbreviation FIFO stand for

A

First in first out

47
Q

List 4 ways in which you can ensure good customer relations

A
  • get customer feed back
  • resolve problems
  • be curious and patient
  • be transparent
48
Q

List 4 reasons why maintenance of equipment is important

A
  • prevents production stopping
  • cheaper than repair
  • prevents stopping of production
  • no loss of income
49
Q

List 4 reasons why it’s beneficial to train staff

A
  • makes them motivated
  • less waste
  • learn new skills
  • satisfied
50
Q

What is the definition for sustainable production

A

Product is produced to fulfill basic needs in a way that natural resources and the environment will be preserved for future generations

51
Q

name 3 things sustainable production required

A
  • reduce use of resources
  • reduce waste
  • decrease toxic by products
52
Q

Name 3 ways manufacturers can be suistaable

A
  • reduce packaging
  • limit waste
  • use resources sensible
53
Q

Name 3 ways consumers can be suistanable

A
  • reduce unecessary purchases
  • reduce food waste
  • make compost
54
Q

Name 3 rules for storage

A
  • store products in correct environment
  • place products in air tight containers
  • goods used most frequently should be easily reachable
55
Q

name 3 rules for delivery

A
  • package products w care
  • protect products from contamination
  • keep to scheduled dates/times
56
Q

What are the 2 other terms for the marketing plan

A

marketing mix and marketing strategy

57
Q

Provide a definition for marketing plan

A

Process that controls the flow of the product from manufacturer to consumer

58
Q

Name the 5 p’s of marketing

A

Product, promotion, price, person, place

59
Q

Name 4 ways that a product can be identified

A

brand name, image, label, packaging

60
Q

Name 5 things that need to be included on a food label

A

Brand name and logo / description/ ingredients / manufacturer info/ allergens

61
Q

Name 4 requirements for packaging

A

attractive, easy to handle, recycleable, easy to open and close

62
Q

How can promotions be benficial

A

serves as a way to introduce a product or service to a customer in order to promote sales

63
Q

what does AIDA stand for

A

attention, interest, desire, action

64
Q

Name 4 advertising methods

A

Direct mail, printed media, outdoor media, electronic media

65
Q

Name 3 things that make an advert effective

A

contains accurate info, promises are abided, unique and creative

66
Q

What is a pricing strategy

A

The planning that goes behind what price to sell your product for

67
Q

Name the 4 aims of pricing strategy

A

profit, market share, increase in sales, susitabnable profit

68
Q

Name 3 pricing strategies

A

cost based, deman bases, competitive

69
Q

Name 4 things to consider when searching for a manufacturing establishment

A

costs,infastructure, raw materials, workers

70
Q

List 3 things to consider when wanting to find place tp sell from

A
  • accesibility
  • visbility
  • parking
71
Q

Name 2 sales methods

A

direct and indirect

72
Q

List the employees responilities during the marketing process

A
  • skilled/educated
  • trained
  • understand product
  • communication skills
  • ensure TM satisfied
73
Q

what is a feasibility study

A

the ability of a business to produce products over a period of time, cover all expenses and make a profit

74
Q

how can one determine sustainable profiability

A

by conducting financial feasibility

75
Q

name 2 aims of a financial feasibility test

A
  • determine strengths and weakneses of the business

- make objective business decisions

76
Q

what is a best and worst case sale scenaio

A

prediction of a situation that might be encountered in the market and how it will influence the sales of the product.

77
Q

what is a cash flow projection

A

prediction of a business finances over a period of time

78
Q

3 components of cash flow

A

inflow, outflow, cash available

Consumer Studies (5 decks)

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