Starting a business Flashcards
What is a needs analysis?
is market research to find out what customers want and need
What are some of the needs of people and communities
- need for fun
- relaxation
- need for transport from their homes to work
What is the first step in starting a business?
find an idea for a product or service that consumers want
What is another very important factor when starting a business?
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.
What are Examples of items that can be recycled ?
- glass
- paper
- metal
- plastic
What are Examples of items that can be recycled ?
- glass
- paper
- metal
- plastic
Give examples of for metal that can be recycled?
Metals Aluminum cans (such as cool drink cans) can be reused in cars and for building purposes.
Give examples of for plastic that can be recycled?
Plastic can be melted down and made into new products, such as milk bottles and even dirt bins and rulers.
Give examples of for glass that can be recycled?
Glass is long lasting and can be recycled over and over again. For example, a glass bottle can be smashed and remade.
Give examples of for paper that can be recycled?
Paper can be recycled a number of times before it becomes useless.
What is a Swot Analysis?
A SWOT analysis would be done to decide whether the business idea has the ability to be successful.
What does SWOT stand for?
SWOT stands for strengths, weaknesses, opportunities and threats
What does SWOT stand for and give detail.
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
What is a goal?
are targets that you set and hope to achieve by a certain time
Why should one set goals?
- Setting goals helps people build their self-confidence
- gives them a sense of purpose.
What type of goals do you get?
- Long term – longer than a year
- Medium term – within a number of months
- Short term – within a number of weeks.
What should you always do when setting goals?
You should always set a date by when you want to have achieved your goal
What must you do once you have set your goals?
-refer back to them to make sure that you are going in the right direction to achieve them
What must you do once you have achieved your goals?
ask yourself:
- Was the goal reached in time?
- Was the target realistic?
- Do I need to change any of my goals?
What does Marketing mean?
developing ways to increase the number of sales for a product.
Marketing looks at 4 P’s, what are they?
- Product
- Price
- Place
- Promotion
Marketing looks at 4 P’s, what are they? and explain
- 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.
What is one of the main tools used in marketing?
Advertising
What is media
The places where adverts appear are called the media, for example, magazines, newspapers, radio, television, banners, posters, etc.
Advertisements need to reach the target market, so they need to be?
- 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.
Advertisements need to reach the target market, so they need to be?
- 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.
Name the three main categories of media?
- Print media – newspapers, pamphlets
- Broadcasting media – radio and television
- Internet – web pages, social networking
Name the advantages and disadvantages of Print media
- Advantages – cheap, a large number of people can be reached
- Disadvantages – newspapers are in black and white, still pictures, limited space
Name the advantages and disadvantages of Broadcasting media
- Advantages – a large number of people can be reached
- Disadvantages – very expensive
Name the advantages and disadvantages of Internet
- Advantages – new place that people are exploring
- Disadvantage – limited market because not everyone has access.
What are the principles of advertising. (the criteria for a good advertisement)
- Attention
- Interest
- Desire
- Action
- *call these the AIDA principles
What are the principles of advertising. (the criteria for a good advertisement), give detail
- 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.
What is the principles of advertising called?
AIDA
