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Business topics 1-3 > Some topic 2 mostly 3 > Flashcards

Some topic 2 mostly 3 Flashcards

1
Q

The marketing mix:

A
  • price
  • products
  • place
  • promotion.
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2
Q

Cost plus pricing:

A

You get the cost to make the product, multiply it by a fixed amount to make a certain amount of profit.

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3
Q

Competitor pricing:

A

Set a price on what competitors prices are if the product is simular of identical to yours.

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4
Q

Promotional pricing:

A

The reduction of price to attract customers to sell more products with smaller margins. E.G:

  • BOGOF
  • multipacks
  • 3 for 2
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5
Q

Price skimming:

A

This is where the product is more advanced than that of competitors and therefore a price I set high as customers will pay for new technology.

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6
Q

Penetration pricing.

A

When a business is new to the market a price is set lower than business competitors as they are not very well known.

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7
Q

Stages of a products life:

A

Introduction - growth stage - majority stage - decline stage.

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8
Q

Extension strategies to stop the decline.

A
  • adapt product.
  • change shape, colour, flavour.
  • 2 for £2
  • new product which is very simular.
  • update it.
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9
Q

Advantages of selling directly to customers:

A
  • relationships with customer. Loyalty.
  • you get all the profit.
  • quicker.
  • cheaper.
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10
Q

A wholesaler is :

A

A person or company that buys and sells in large quantities at lower prices to retailers.

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11
Q

Advantages of wholesalers:

A
  • sell to small shop.
  • buy in large quantities.
  • regular purchases from the business.
  • good for marketing
  • less stress and work for company.
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12
Q

Innovations are:

A

Improving existing products.

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13
Q

Invention

A

Coming up with a new, unique product.

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14
Q

Digital distribution benefits:

A
  • faster to reach customers.
  • can sell tiered access.
  • can keep in contact with customers.
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15
Q

Digital distribution disadvantages:

A
  • privacy.
  • intense online competition.
  • the initial set-up cost.
  • many customers expect everything digital to be free.
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16
Q

Types of sales promotion:

A
  • price reduction
  • loss leaders.
  • competitions
  • free samples.
17
Q

Loss leaders:

A

A product below cost price to attract customers into the shop. To spend more money.

18
Q

Why use competitions ?

A
  • promotes our business.
  • get more regular customers.
  • easy to do via social media.
  • cheap
19
Q

Why do businesses use free samples:

A
  • introduce new customers.
  • to get regular customers.
  • easy to do in the street.
  • you can get feedback.
20
Q

The jones effect:

A

If everyone else has one they would want to join the crowd.

21
Q

Early discounts to events:

A
  • more organised
  • more sales revenue
  • predicts sales and profits.
22
Q

Internal recruitment:

A

When the business fills a vacancy from a existing member of staff

23
Q

External recruitment:

A

Filling a vacancy from an applicant not related to the business.

24
Q

Job description:

A

A document that describes the duties of a worker.

25
Q

Person spec:

A

A profile of the type of person needed to fill the vacancy. For example, traits and quantities.

26
Q

What’s in the job description.

A
  • job title.
  • pay
  • contract type
  • reporting to
  • duties
27
Q

What’s in a person spec:

A
  • Experience
  • education
  • skills
  • astributes
28
Q

How to advertise a job vacancy.

A
  • company website.
  • social media
  • specialist magazines
  • job centre.
  • recruitment company.
  • internal advertising.
29
Q

reasons for short-listing.

A
  • quicker to appoint.
  • saves money.
  • everyone invited has a chance.
  • no embarrassment for over or under qualified applicants.
30
Q

Advantages of CV

A
  • you can make yourself sound good.
  • you can give lots of info.
  • express yourself.
31
Q

Disadvantages of a CV

A
  • lots of exaggeration
  • unsuitable applicants can blag it.
  • too long to read.
  • hard to compare.
  • need signatures.
32
Q

Advantages of application forms:

A
  • come across as enthusiastic.
  • quicker than CV
  • design is the Same so its easier to compare.
33
Q

Disadvantages of application forms

A
  • often very dull

- no personality can come over.

34
Q

Social media advertising:

A

Good as it is very cheap and can be shared all round the world.
However, the right audience may not be be on social media.

35
Q

Website advertising:

A

Good as they target the right audience.

But bad as they may not reach lots of people.

Business topics 1-3 (3 decks)

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