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Ems Grade 7 exams > Starting a business > Flashcards

Starting a business Flashcards

1
Q

What is a needs analysis?

A

is market research to find out what customers want and need

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2
Q

What are some of the needs of people and communities

A
  • need for fun
  • relaxation
  • need for transport from their homes to work
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3
Q

What is the first step in starting a business?

A

find an idea for a product or service that consumers want

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4
Q

What is another very important factor when starting a business?

A

the price consumers are prepared to pay for the product or service is enough to cover the costs of producing the product or service, and to make a satisfactory profit.

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5
Q

What are Examples of items that can be recycled ?

A
  • glass
  • paper
  • metal
  • plastic
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6
Q

What are Examples of items that can be recycled ?

A
  • glass
  • paper
  • metal
  • plastic
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7
Q

Give examples of for metal that can be recycled?

A

Metals Aluminum cans (such as cool drink cans) can be reused in cars and for building purposes.

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8
Q

Give examples of for plastic that can be recycled?

A

Plastic can be melted down and made into new products, such as milk bottles and even dirt bins and rulers.

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9
Q

Give examples of for glass that can be recycled?

A

Glass is long lasting and can be recycled over and over again. For example, a glass bottle can be smashed and remade.

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10
Q

Give examples of for paper that can be recycled?

A

Paper can be recycled a number of times before it becomes useless.

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11
Q

What is a Swot Analysis?

A

A SWOT analysis would be done to decide whether the business idea has the ability to be successful.

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12
Q

What does SWOT stand for?

A

SWOT stands for strengths, weaknesses, opportunities and threats

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13
Q

What does SWOT stand for and give detail.

A

SWOT analysis

  • S: stands for strengths – positive things found within the business
  • W: stands for weaknesses – negative things also found within the business
  • O: stands for opportunities – external things that can have a positive effect on the business
  • T: stands for threats – external things that can have a negative effect on the business
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14
Q

What is a goal?

A

are targets that you set and hope to achieve by a certain time

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15
Q

Why should one set goals?

A
  • Setting goals helps people build their self-confidence

- gives them a sense of purpose.

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16
Q

What type of goals do you get?

A
  • Long term – longer than a year
  • Medium term – within a number of months
  • Short term – within a number of weeks.
17
Q

What should you always do when setting goals?

A

You should always set a date by when you want to have achieved your goal

18
Q

What must you do once you have set your goals?

A

-refer back to them to make sure that you are going in the right direction to achieve them

19
Q

What must you do once you have achieved your goals?

A

ask yourself:

  • Was the goal reached in time?
  • Was the target realistic?
  • Do I need to change any of my goals?
20
Q

What does Marketing mean?

A

developing ways to increase the number of sales for a product.

21
Q

Marketing looks at 4 P’s, what are they?

A
  • Product
  • Price
  • Place
  • Promotion
22
Q

Marketing looks at 4 P’s, what are they? and explain

A
  • Product – what are you going to do that makes your product unique? What can you do to make people want to buy your product (packaging, ingredients)?
  • Price – how does the price compare to that of the competitors?
  • Place – where is the best place to sell the product?
  • Promotion – where is the best place to inform people about the product or service. For example, running a competition or advertising on the television.
23
Q

What is one of the main tools used in marketing?

A

Advertising

24
Q

What is media

A

The places where adverts appear are called the media, for example, magazines, newspapers, radio, television, banners, posters, etc.

25
Q

Advertisements need to reach the target market, so they need to be?

A
  • placed in the correct place, for example, it would not be a good idea to advertise farming products in a ladies fashion magazine.
  • at the correct time, for example, it would not be a good idea to advertise shorts in winter.
26
Q

Advertisements need to reach the target market, so they need to be?

A
  • placed in the correct place, for example, it would not be a good idea to advertise farming products in a ladies fashion magazine.
  • at the correct time, for example, it would not be a good idea to advertise shorts in winter.
27
Q

Name the three main categories of media?

A
  • Print media – newspapers, pamphlets
  • Broadcasting media – radio and television
  • Internet – web pages, social networking
28
Q

Name the advantages and disadvantages of Print media

A
  • Advantages – cheap, a large number of people can be reached
  • Disadvantages – newspapers are in black and white, still pictures, limited space
29
Q

Name the advantages and disadvantages of Broadcasting media

A
  • Advantages – a large number of people can be reached

- Disadvantages – very expensive

30
Q

Name the advantages and disadvantages of Internet

A
  • Advantages – new place that people are exploring

- Disadvantage – limited market because not everyone has access.

31
Q

What are the principles of advertising. (the criteria for a good advertisement)

A
  • Attention
  • Interest
  • Desire
  • Action
  • *call these the AIDA principles
32
Q

What are the principles of advertising. (the criteria for a good advertisement), give detail

A
  • Attention – the advertising medium needs to attract the target market’s attention.
  • Interest – once the attention has been caught, the advertisement needs to keep the target market interested.
  • Desire – the advertisement needs to create a desire for the product; it must make the target market want the product.
  • Action – the advertisement must lead the customer to take action and buy the product.
33
Q

What is the principles of advertising called?

A

AIDA

Ems Grade 7 exams (7 decks)

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