summer revision Flashcards
im cooked 🥹
define enterprise
spot an oppurtunity and start a business
risk of starting a Business
Financial –
Health –
Strained relartionships
rewards fo your own business
- keep most of profits
- independence
- slef satisfaction
Why do yiou NEED a business plan
- clear aims and objectives
- less risk
- track finance
- identifymarkets to sell to
- identify resources needed
type of business also deps on..
size
sole trader bs is —- to set up
easy
What are the three main reasons for undertaking Marketing activities?
- ince sales
- inc awareness
- identify customer needs- using market research
big survey of the whole country population
cenus data
—– is nto designed to meet a specific queastion
secondary market research
lifestyle is a —–
market segment
these are reasons to….
Better matching of customer needs
Enhanced profits for business
Better opportunities for growth
Target marketing communications
Gain share of the market segment
market segment
tyoes de priceing
Cost-plus pricing
Penetration Pricing
Price Skimming
bad abt comp pricing
cuz u sell low, no profit, so compromise quality whcih means less valeud
—- pricing can revive interest
promo
advert based on
- price fo it
- audience number
- audience age
- audience type
Common examples are plumbing, electricians, bricklaying and taxi driving.
self-employment
different types of communication
- Internal and External
- Horizontal and Vertical
- Formal and Informal
- One-way and Two-way
if comp is pricing lower then —– pricing no work
skimmign
whys houdl you analyze products
- easy to use
- fits need
- balance between funtion and cost
- appearence of product
- how you iwll brand it
What is place and what does it cover?
where sell and how get there
disadvantage fo digi distrubute
Not all goods can be downloaded.
Businesses may be forced into this, requiring large set up costs to set up the technology required to do so.
Not all customers have access to internet or fast internet.
Digital downloading has increased amount of illegal material shared
aims of promotion
- Inform customers about a product or service
- Keep a business ahead of its competitors
- Create or change the image of a business
- Maintain or increase sales
are results of…
High employee performance
High retention and low turnover of workers
Ease of recruitment of new workers
Less need to supervise workers
good motivation
benefits of training
- Development of the business
- Improving productivity
- Solving skill shortages
- Improving customer services
- Improving motivation and retention
