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Bussines Test 2 > Summer Test > Flashcards

Summer Test Flashcards

1
Q

Define the term market research

A

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.

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2
Q

What are some benefits of market research

A

Customer needs and wants ,consumers reactions, best pricing strategies, promotion and competition

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3
Q

Name 5 uses of market research

A
  1. To identify what’s happening in the market
  2. To identify what’s likely to happen in the future
  3. The explain the causes of change in a market
  4. To investigate new market possibilities
  5. To identify gaps in the market
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4
Q

Define the term field research

A

Field research involves gathering information directly from the marketplace.
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5
Q

Define the term desk research

A

Desk research involves analysing information that has already been collected.

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6
Q

Define the term focus group

A

A group of consumers brought together to discuss a particular product service

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7
Q

What is an advantage of focus groups

A

This is an efficient way to gather reactions and opinion from a group of people at the same time

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8
Q

What are some disadvantages of a focus group

A

Some members may dominate the response and influence other group members

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9
Q

Define the term observation

A

Involves watching or viewing consumers in action, e.g. how much attention given to an in-store display

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10
Q

What is marketing?

A

It is a process of identifying and satisfying consumers needs and wants

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11
Q

Define the term target market

A

A target market is the group of people to whom a business aims to sell its products or services.

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12
Q

Define the term and niche market

A

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.

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13
Q

Define the term marketing mix

A

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.

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14
Q

Define the term product

A

Actual item provided to meet the consumers needs

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15
Q

Define term product life-cycle

A

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.

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16
Q

Define the term brand

A

A brand is a name, symbol, design or other feature that makes a product easy to recognise and distinguishes it from competing products.

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17
Q

Define the term price

A

The price is the amount of money a seller charges a customer for a product or service.

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18
Q

Define the term place

A

Place refers to where customers will buy the product and the channel of distribution used to get the product to this location.

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19
Q

Define the term channels of distribution

A

Channels of distribution refers to the way in which the product gets from the manufacturer to the consumer.

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20
Q

Define the term promotion

A

Promotion means making customers aware of the product or brand in order to increase sales and create brand loyalty.

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21
Q

Define the term promotion mix

A

The promotion mix is the combination of promotional activities that a business uses to communicate with existing and potential customers.

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22
Q

Define the term advertising

A

Advertising involves communicating with the public to let them know about a product and get them interested in buying it.

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23
Q

Define the term public relations

A

To create a positive image of the business, e.g. stay city sponsors the Dublin jerseys

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24
Q

Define term social media

A

Provide business and organisations with the quick cheap and easy way to promote products and services globally

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25
Q

Define the term community

A

A group of people who live in the same place or who have certain attitudes or interests in common

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26
Q

What is economic

A

Economic growth ,profits ,employment ,resources, standard of living

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27
Q

What is social

A

Education ,community ,equal opportunities

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28
Q

What is environmental

A

Benefits to land ,pollution, natural resources, environmental management

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29
Q

Name a positive economic impact on organisations

A

Jobs are created and organisations as well as spinoff jobs e.g. transport

30
Q

Define the term generates tax revenue

A

Organisation will contribute to local authority rates and taxes. This money is used to develop local infrastructure and help provide public services.

31
Q

Define the term infrastructure

A

Is the physical and transport structure and facilities needed for Society or enterprise to function

32
Q

What is improved standard of living?

A

Organisation employees will have disposable income which improve their standard living

33
Q

Define term economic growth

A

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

34
Q

What are some negative economic impacts on a organisation?

A

Pressure and resources possible housing shortage crowding out of small businesses over reliance on a small number of organisations

35
Q

Does S stand for on the swot analysis? What does it mean?

A

Internal Things were good as

36
Q

What does W stand for in the swot analysis?

A

Internal things you’re bad at things we can improve

37
Q

What does O stand for in swot analysis?

A

External things the business could do

38
Q

What does T stand for in the swot analysis?

A

External still have a negative impact e.g. new compressors

39
Q

Definition for a business plan

A

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

40
Q

name five benefits of a business plan

A
  1. establish whether the business is likely to succeed
  2. Help the business raise the finance needed
  3. Set targets to be achieved.
  4. Help the entrepreneur focus on the future goals on the business.
  5. Support a Proposed expansion or development of a new product.
41
Q

Describe Section one of the business

A

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

42
Q

Describe the section 2 of the business plan

A

Business team: the people involved in the business, including the educational debit and past experience

43
Q

Describe section 3 of a business plan

A

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

44
Q

Describe section 4 of the business plan

A

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

45
Q

Describe section 5 of the business plan

A

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.

46
Q

Describe section 6 of the business plan

A

Structure of the business: legal structure of the business e.g. soul trader partnership private company or franchise

47
Q

Define the term digital technologies

A

Our sort of technology tools and resources used to communicate,create,distribute and store information for example apps, tablet and computers

48
Q

What would a business use digital technology for

A

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

49
Q

Define the term cash flow

A

Is the movement of money into and out of an organisation and measures the ability of an organisation to pay state expenses and debits.

50
Q

What does loss of discount mean?

A

Offer discount equal last of bills if short of money will not lose out on cash discount

51
Q

Define the term business failure

A

Poor cash flow is the single business reason for keeping a balance between total income and expenditure should be key priority for businesses managers

52
Q

Define the term unable pay bills

A

Cash shortage equals to pay bill these legends pliers services if wages not paid can cause industrial relations problems

53
Q

Define the term penalties for a payment

A

Charge extra, they’re like playing debits

54
Q

Define the term poor reputation and credits raising

A

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

55
Q

Defined the term loss opportunities

A

Short money, may miss chances to expand, invest or buy more acids

56
Q

Define the term increased borrowing cost

A

Cash shortages may need to be solved by extra barring increasing debt levels resulting in more pressure on future cash flows

57
Q

Name seven consequences of a cash flow

A
  1. business failure
    2.loss of discount
  2. unable to pay bills
    4.penalties for late payments
    5.poor reputation and credit rating
    6.loss opportunities
    7.increase borrowing cost
58
Q

Name five reasons why we make a cash flow

A
  1. to show how much cash the organisation expects to have left over at the end of each time
    period.
  2. To help organisations live within their means.
  3. To encourage organisations to think about their spendings.
  4. To profit future cash flow problems.
  5. To allow managers to plan for large items of future expenditure.
59
Q

What does it mean by to show how much cash the organisation expects to have leftover at the end of each time period?

A

This is called net cash it’s the difference between planned income and expenditure

60
Q

Define the term to help an organisation live within means

A

If an organisation can predict its expected monthly receipts it can plan its monthly spending too match

61
Q

What is it meant by tomb court organisation to think about their spendings?

A

Managers need to consider the timing amount of all payments

62
Q

Define the term to predict future casual problems

A

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

63
Q

What is it meant by to allow managers to plan for large items of future adventure?

A

E.g. purchase of fixed assets helps organisation sent money aside

64
Q

Name 2 economic impacts of an organisation

A

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

65
Q

Name two social impacts of an organisation

A

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

66
Q

Name two environmental impacts of an organisation

A

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.

67
Q

Factours considered to opening a business

A

They would need to have a business plan. Funding and identity there competition

68
Q

Outline the social economic and environmental impact on the workshop setting up in Newport

A

It allows more job opportunities, increased pollution, they can sponsor local events and teams and brings community’s together.

69
Q

2 Benefits of voluntary

A

Volunteers bring a range of new skills, expertise and ideas to the organisation. And allows you to meet new people

70
Q

Identify tree types of insurance a family use

A

Health insurance, motor insurance and travel insurance

71
Q

Outline one responsibility of consumers when shopping for insurance

A

To state all true details

72
Q

Explain one benefit of Ireland having a low corporate tax

A

It attracts multinational companies which creates jobs and income in areas

Bussines Test 2 (16 decks)

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