quizes Flashcards
Rewards of risk taking
Financial , independence, self satisfaction
purposes of business planning
to help get finance
identify the resources needed for a business to operate
to help achieve aims and objectives
not doing a business plan is risky
plan may reveal that the target market may not want the product at the prices it’s being sold
to increase ones market share one must
improve product quality
lowing prices
increasing the amount of advertising
business objectives may change due to
new rivals entering the market
previous objectives being reached
ambitions of the owner
customers effect the business because
a business cannot service without their spending
governments can affect business activity by
increasing taxation
giving grants out to businesses
backwards vertical merger
joining up with your supplier
distribution channel
method of getting hoods and services to a customer
secondary research
research already done
market segmentation
splitting market into segments , eg one gets cheap cars and one gets expensive cars
point of sale promotions include
price reductions
competitions
free samples
marketing purpose
to increase sales
product life cycle
Introduction - growth - maturity - decline
price skimming
initial high price
qualitative research assist with the analysis of quantitative
by providing explanations
marketing mix
product place price promotion
discrimination laws
equalities act
- age
- disability
- gender
- marriage
- race
long chain of command makes
decisions slower
professional development includes
vocational studies, practical
financial methods of motivating workers
profit sharing
fringe benefits
bonus
pay rise
methods of selection
CV application form letter of application interviews tests group activities references
recruitment documents include
person specification and a job description
reduce recruitment costs
improve employee retention
good reputation -> better quality and quantity of applicants
