Summer Test Flashcards
Define the term market research
Market research is gathering, recording and analysing information about consumer preferences for a good or service in order to make informed decisions about a potential market.
What are some benefits of market research
Customer needs and wants ,consumers reactions, best pricing strategies, promotion and competition
Name 5 uses of market research
- To identify what’s happening in the market
- To identify what’s likely to happen in the future
- The explain the causes of change in a market
- To investigate new market possibilities
- To identify gaps in the market
Define the term field research
Field research involves gathering information directly from the marketplace.
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Define the term desk research
Desk research involves analysing information that has already been collected.
Define the term focus group
A group of consumers brought together to discuss a particular product service
What is an advantage of focus groups
This is an efficient way to gather reactions and opinion from a group of people at the same time
What are some disadvantages of a focus group
Some members may dominate the response and influence other group members
Define the term observation
Involves watching or viewing consumers in action, e.g. how much attention given to an in-store display
What is marketing?
It is a process of identifying and satisfying consumers needs and wants
Define the term target market
A target market is the group of people to whom a business aims to sell its products or services.
Define the term and niche market
A niche market is a small, specialised segment of a larger market for a particular product or service. For example, folding bicycles are a niche market: many people want bicycles, but only a small part of that market (e.g. commuters) want to use a folding bike.
Define the term marketing mix
The marketing mix is a combination of four elements that can help a business to market its products to its target market and maximise profits.
Define the term product
Actual item provided to meet the consumers needs
Define term product life-cycle
The product life cycle is the different stages that a product goes through from the time it is launched until it is taken off the market. It is usually illustrated on a five-stage diagram that shows the changes in product sales over time.
Define the term brand
A brand is a name, symbol, design or other feature that makes a product easy to recognise and distinguishes it from competing products.
Define the term price
The price is the amount of money a seller charges a customer for a product or service.
Define the term place
Place refers to where customers will buy the product and the channel of distribution used to get the product to this location.
Define the term channels of distribution
Channels of distribution refers to the way in which the product gets from the manufacturer to the consumer.
Define the term promotion
Promotion means making customers aware of the product or brand in order to increase sales and create brand loyalty.
Define the term promotion mix
The promotion mix is the combination of promotional activities that a business uses to communicate with existing and potential customers.
Define the term advertising
Advertising involves communicating with the public to let them know about a product and get them interested in buying it.
Define the term public relations
To create a positive image of the business, e.g. stay city sponsors the Dublin jerseys
Define term social media
Provide business and organisations with the quick cheap and easy way to promote products and services globally
Define the term community
A group of people who live in the same place or who have certain attitudes or interests in common
What is economic
Economic growth ,profits ,employment ,resources, standard of living
What is social
Education ,community ,equal opportunities
What is environmental
Benefits to land ,pollution, natural resources, environmental management
Name a positive economic impact on organisations
Jobs are created and organisations as well as spinoff jobs e.g. transport
Define the term generates tax revenue
Organisation will contribute to local authority rates and taxes. This money is used to develop local infrastructure and help provide public services.
Define the term infrastructure
Is the physical and transport structure and facilities needed for Society or enterprise to function
What is improved standard of living?
Organisation employees will have disposable income which improve their standard living
Define term economic growth
Increase in business activity in a comedy will lead to an increase in the amount of goods produced and service provided from one year to the next
What are some negative economic impacts on a organisation?
Pressure and resources possible housing shortage crowding out of small businesses over reliance on a small number of organisations
Does S stand for on the swot analysis? What does it mean?
Internal Things were good as
What does W stand for in the swot analysis?
Internal things you’re bad at things we can improve
What does O stand for in swot analysis?
External things the business could do
What does T stand for in the swot analysis?
External still have a negative impact e.g. new compressors
Definition for a business plan
It’s a reason description of a business aim strength type markets and financial forecasts explains the business plans to do and how plans do it
name five benefits of a business plan
- establish whether the business is likely to succeed
- Help the business raise the finance needed
- Set targets to be achieved.
- Help the entrepreneur focus on the future goals on the business.
- Support a Proposed expansion or development of a new product.
Describe Section one of the business
Background of the business :Aims and objectives of the business set up to do, the product services it will produce, the name and address of the business
Describe the section 2 of the business plan
Business team: the people involved in the business, including the educational debit and past experience
Describe section 3 of a business plan
market and marketing: a brave description of the Marcus, the current and potential size of the market, the number of competitors already in the market, the marketing mix tragedy including product price place and promotion
Describe section 4 of the business plan
Production: an outline of the premises and equipment available to the business, the production process to be used for example job production/production or mass production
Describe section 5 of the business plan
Costing and finance: how much it will cost to produce the item and what markup profit margin will be added onto get the price it will be sold out, the details about existing loans that the basis has, the amount of finance required and the purpose for which it is needed, how the finance is to be repaid, detail clash for flow forecast and projected profits for two or three years.
Describe section 6 of the business plan
Structure of the business: legal structure of the business e.g. soul trader partnership private company or franchise
Define the term digital technologies
Our sort of technology tools and resources used to communicate,create,distribute and store information for example apps, tablet and computers
What would a business use digital technology for
1.to design and produce a product
2.to conduct market research
3.to communicate with suppliers customers and employees
4.promote and sell their product online
Define the term cash flow
Is the movement of money into and out of an organisation and measures the ability of an organisation to pay state expenses and debits.
What does loss of discount mean?
Offer discount equal last of bills if short of money will not lose out on cash discount
Define the term business failure
Poor cash flow is the single business reason for keeping a balance between total income and expenditure should be key priority for businesses managers
Define the term unable pay bills
Cash shortage equals to pay bill these legends pliers services if wages not paid can cause industrial relations problems
Define the term penalties for a payment
Charge extra, they’re like playing debits
Define the term poor reputation and credits raising
If a place makes a habit of late or miss payments, it will get a bad name and credit rated makeover making it harder plus more expensive to borrow money in the future
Defined the term loss opportunities
Short money, may miss chances to expand, invest or buy more acids
Define the term increased borrowing cost
Cash shortages may need to be solved by extra barring increasing debt levels resulting in more pressure on future cash flows
Explain three consequences of a cash flow
> Unable to pay bills: Cash shortages make it hard to pay bills on time. This can lead to losing important suppliers or services. If wages are not paid, this will also cause industrial relations problems.
› Loss of discounts: Some suppliers offer discounts if bills are settled quickly. If an organisation is short of cash, it will struggle to make these payments and will lose out on cash discounts.
› Penalties for late payment: An organisation may be charged extra if they are late paying their debts.
Name five reasons why we make a cash flow
- to show how much cash the organisation expects to have left over at the end of each time
period. - To help organisations live within their means.
- To encourage organisations to think about their spendings.
- To profit future cash flow problems.
- To allow managers to plan for large items of future expenditure.
What does it mean by to show how much cash the organisation expects to have leftover at the end of each time period?
This is called net cash it’s the difference between planned income and expenditure
Define the term to help an organisation live within means
If an organisation can predict its expected monthly receipts it can plan its monthly spending too match
What is it meant by tomb court organisation to think about their spendings?
Managers need to consider the timing amount of all payments
Define the term to predict future casual problems
Allow businesses to identify months or there will be a loss of expenses managers can take steps to spread these payments over several months or borrow the money needed
What is it meant by to allow managers to plan for large items of future adventure?
E.g. purchase of fixed assets helps organisation sent money aside
Name 2 economic impacts of an organisation
New organisations, especially those employing a large number of people, may create housing problems in a community. And New organisations will increase the demand for available resources, which may increase both the scarcity and the price of these resources. For example, land prices may go up
Name two social impacts of an organisation
There will be a growth in local services to meet the needs of local organisations (taxi/transport services, banks, and New organisations may generate extra traffic, and existing roads may not be able to deal with this increased volume. This may result in delays
Name two environmental impacts of an organisation
Industry is increasingly using renewable energy, which helps to keep pollution levels low. And other one is In order to provide development land for large organisations, some
natural habitats may be cleared or destroyed. This has a negative impact on plants and wildlife and can also impact on the climate.
Factours considered to opening a business
They would need to have a business plan. Funding and identity there competition
Outline the social economic and environmental impact on the workshop setting up in Newport
It allows more job opportunities, increased pollution, they can sponsor local events and teams and brings community’s together.
2 Benefits of voluntary
Volunteers bring a range of new skills, expertise and ideas to the organisation. And allows you to meet new people
Identify tree types of insurance a family use
Health insurance, motor insurance and travel insurance
Outline one responsibility of consumers when shopping for insurance
To state all true details
Explain one benefit of Ireland having a low corporate tax
It attracts multinational companies which creates jobs and income in areas
