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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
What is the benefit to quality control
ensures constant quality
26
What does it mean if a space is ergonomically designed
It means that it's the most accesible and functional an area can be for its workers
27
List 3 finanacial records that should be kept
income, collecting of debt, savings
28
How can you make more profit
increase selling price or decrease production costs
29
impact of buying too much stock
cash flow issue, inadequate storage, stock becomes damaged
30
not purchasing enough stock
production reduced, less profit, cancel orders, unhappy customers
31
Formula for the control of finances
setting of a budget + accurate stock purchases + correctly calculated costs
32
State 5 reasons why stock control is important
ensures quality of ingredients, prevents production stopping, prevents waste, prevents over spending, prevents theft.
33
Disadvantage of high quality products
Expensive
34
Advantage of low quality products
Cheap
35
Why is it beneficial to listen to consumers needs
helps you to adopt and modify a product to best suit there needs
36
What does presentation influence
The perception of quality and price
37
Formula for quality of packaging design
target market + sp + aim of packaging
38
list 4 aspects of packaging that attracts the consumer
quality, neatness, attractiveness, efficiency
39
Function of labels
ensures quality and safety
40
2 examples of beneficial labels
clothing care guidlines, food labels for allergies
41
list three ways to use time effectively
Plan, set production schedules, ensure profit is inline w amount of time spent on it
42
List 5 ways that time can be used effectively
prioritize, deadlines, routine, neatness, dont postpone
43
why should you keep records of stock
Ensure organisation and it makes ordering easier
44
How can you make stock control easier
storage areas should be kept clean, neat and organized
45
How can you one prevent stock damage
keep areas clean and dry
46
What does the abbreviation FIFO stand for
First in first out
47
List 4 ways in which you can ensure good customer relations
- get customer feed back - resolve problems - be curious and patient - be transparent
48
List 4 reasons why maintenance of equipment is important
- prevents production stopping - cheaper than repair - prevents stopping of production - no loss of income
49
List 4 reasons why it's beneficial to train staff
- makes them motivated - less waste - learn new skills - satisfied
50
What is the definition for sustainable production
Product is produced to fulfill basic needs in a way that natural resources and the environment will be preserved for future generations
51
name 3 things sustainable production required
- reduce use of resources - reduce waste - decrease toxic by products
52
Name 3 ways manufacturers can be suistaable
- reduce packaging - limit waste - use resources sensible
53
Name 3 ways consumers can be suistanable
- reduce unecessary purchases - reduce food waste - make compost
54
Name 3 rules for storage
- store products in correct environment - place products in air tight containers - goods used most frequently should be easily reachable
55
name 3 rules for delivery
- package products w care - protect products from contamination - keep to scheduled dates/times
56
What are the 2 other terms for the marketing plan
marketing mix and marketing strategy
57
Provide a definition for marketing plan
Process that controls the flow of the product from manufacturer to consumer
58
Name the 5 p's of marketing
Product, promotion, price, person, place
59
Name 4 ways that a product can be identified
brand name, image, label, packaging
60
Name 5 things that need to be included on a food label
Brand name and logo / description/ ingredients / manufacturer info/ allergens
61
Name 4 requirements for packaging
attractive, easy to handle, recycleable, easy to open and close
62
How can promotions be benficial
serves as a way to introduce a product or service to a customer in order to promote sales
63
what does AIDA stand for
attention, interest, desire, action
64
Name 4 advertising methods
Direct mail, printed media, outdoor media, electronic media
65
Name 3 things that make an advert effective
contains accurate info, promises are abided, unique and creative
66
What is a pricing strategy
The planning that goes behind what price to sell your product for
67
Name the 4 aims of pricing strategy
profit, market share, increase in sales, susitabnable profit
68
Name 3 pricing strategies
cost based, deman bases, competitive
69
Name 4 things to consider when searching for a manufacturing establishment
costs,infastructure, raw materials, workers
70
List 3 things to consider when wanting to find place tp sell from
- accesibility - visbility - parking
71
Name 2 sales methods
direct and indirect
72
List the employees responilities during the marketing process
- skilled/educated - trained - understand product - communication skills - ensure TM satisfied
73
what is a feasibility study
the ability of a business to produce products over a period of time, cover all expenses and make a profit
74
how can one determine sustainable profiability
by conducting financial feasibility
75
name 2 aims of a financial feasibility test
- determine strengths and weakneses of the business | - make objective business decisions
76
what is a best and worst case sale scenaio
prediction of a situation that might be encountered in the market and how it will influence the sales of the product.
77
what is a cash flow projection
prediction of a business finances over a period of time
78
3 components of cash flow
inflow, outflow, cash available

Consumer Studies (5 decks)

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