summer revision

Question 1

define enterprise

Answer 1

spot an oppurtunity and start a business

Question 2

risk of starting a Business

Answer 2

Financial –
Health –
Strained relartionships

Question 3

rewards fo your own business

Answer 3

• keep most of profits
• independence
• slef satisfaction

Question 4

Why do yiou NEED a business plan

Answer 4

• clear aims and objectives
• less risk
• track finance
• identifymarkets to sell to
• identify resources needed

Question 5

type of business also deps on..

Answer 5

size

Question 6

sole trader bs is —- to set up

Answer 6

easy

Question 7

What are the three main reasons for undertaking Marketing activities?

Answer 7

• ince sales
• inc awareness
• identify customer needs- using market research

Question 8

big survey of the whole country population

Answer 8

cenus data

Question 9

—– is nto designed to meet a specific queastion

Answer 9

secondary market research

Question 10

lifestyle is a —–

Answer 10

market segment

Question 11

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

Answer 11

market segment

Question 12

tyoes de priceing

Answer 12

Cost-plus pricing
Penetration Pricing
Price Skimming

Question 13

bad abt comp pricing

Answer 13

cuz u sell low, no profit, so compromise quality whcih means less valeud

Question 14

—- pricing can revive interest

Answer 14

promo

Question 14

advert based on

Answer 14

• price fo it
• audience number
• audience age
• audience type

Question 15

Common examples are plumbing, electricians, bricklaying and taxi driving.

Answer 15

self-employment

Question 16

different types of communication

Answer 16

• Internal and External
• Horizontal and Vertical
• Formal and Informal
• One-way and Two-way

Question 17

if comp is pricing lower then —– pricing no work

Answer 17

skimmign

Question 18

whys houdl you analyze products

Answer 18

• easy to use
• fits need
• balance between funtion and cost
• appearence of product
• how you iwll brand it

Question 19

What is place and what does it cover?

Answer 19

where sell and how get there

Question 20

disadvantage fo digi distrubute

Answer 20

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

Question 21

aims of promotion

Answer 21

• 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

Question 22

are results of…

High employee performance
High retention and low turnover of workers
Ease of recruitment of new workers
Less need to supervise workers

Answer 22

good motivation

Question 23

benefits of training

Answer 23

• Development of the business
• Improving productivity
• Solving skill shortages
• Improving customer services
• Improving motivation and retention