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business rev > Theme 1 > Flashcards

Theme 1 Flashcards

1
Q

Mass Market Benefit

A

EOS

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2
Q

Mass Market Drawback

A

Less specialised - More price elastic

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3
Q

Niche Market Benefit

A

More specialised - More price inelastic

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4
Q

Niche Market Drawback

A

Less ability to achieve EOS

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5
Q

Online Retailing Benefit

A

Increased accessibility - EOS

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6
Q

Online Retailing Drawback

A

Can compare prices more easily - More price sensitive - More price elastic

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7
Q

Dynamic Market Benefit

A

If the business is able to adapt quickly - Get a first mover advantage - Price inelastic

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8
Q

Dynamic Market Drawback

A

High investment into R+D - Balance sheet/Income statement

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9
Q

Product Orientation Benefit

A

investment into R+D - improved innovation - price inelastic

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10
Q

Product Orientation Drawback

A

Expensive - Income statement/Balance sheet

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11
Q

Market Orientation Benefit

A

Use of market research - Price inelastic

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12
Q

Market Orientation Drawback

A

Expensive - Income statement/Balance sheet

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13
Q

Primary Research Benefit

A

Price inelastic

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14
Q

Primary Research Drawback

A

Expensive - Balance sheet/Income statement

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15
Q

Secondary Research Benefit

A

Already been completed - Balance sheet/Income statement

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16
Q

Secondary Research Drawback

A

May not be up-to-date or specific to the business - EOS/More price elastic

17
Q

Quantitative Data Benefit

A

Easily analysed - Specialist researchers are unneeded - Balance sheet/Income statement

18
Q

Quantitative Data Drawback

A

limited depth - limiting innovation - more price elastic

19
Q

Qualitative Data Benefit

A

Understand cusomer needs better - Meet needs better - Link to PED

20
Q

Qualitative Data Drawback

A

Increases fixed costs significantly -

business rev (4 decks)

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