Retest Flashcards
What does pestle stand for
Political
Economic
Social
Technological
Legal
Environmental
Write down the profit formula
Profit = total revenue - total costs
Break even formula
Fixed costs/ contribution per unit
What is a Business
An organisation that offers a service/ product to customers for a profit
What are the four business sectors
Primary
Secondary
Tertiary
Quaternary
Why do businesses use market mapping
A business uses market mapping to see how other competitors are doing in the market. This allows businesses to identify any gaps in the market.
Name the stages of the product life cycle
Research and development
Introduction
Growth
Maturity
Saturation
Decline
Name the catalogues of the Boston matrix
Cash cow
Stars
Question mark
Dogs
What are the different methods of sampling
Stratified sampling
Quota sampling
Random sampling
Name three different ways to collect data
Focus groups
Surveys
Telephone call
What is a niche market
A small specialised market for a particular product or service
Define cash flow
The money flowing in and out of a business
What is cash flow
The flow of cash in and out of a business
Define liquidity
The availability of liquid assets to a market or business
What does cell stand for
Capital
Enterprise
Land
Labour
