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theme 1 + 4 = paper 1 > theme 1 + 4 = paper 1 > Flashcards

theme 1 + 4 = paper 1 Flashcards

1
Q

1.3.1 + 1.3.2

A

.

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2
Q

types of production

A
  1. personal selling
  2. direct marketing
  3. above line advertising
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3
Q

personal selling

A
  • sale person acts on behalf of organisation
  • are well trained
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4
Q

direct marketing

A
  • highly focused to customer.
  • email/post.
  • special offers to re-engage customers
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5
Q

above line advertising (ATL)

A

media=tv,advert. reaches mass audience but very expensive

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6
Q

sales promotions

A
  1. bogoff
  2. price discounts
  3. coupons
  4. samples
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7
Q

design mix

A

aesthetic = style,design
function = purpose,task
cost

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8
Q

bespoken design

A

means custom made,custom build,tailored to the customer. can be product/service

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9
Q

standard design

A
  • products/service that are sold as standard
  • customer cant add any extra features/benefits
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10
Q

1.3.4 + 1.3.5

A

.

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11
Q

marketing strategy

A

methods used for business to achieve marketing objectives

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12
Q

product life cycle

A
  1. development
  2. introduction
  3. growth
  4. maturity
  5. decline
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13
Q

development

A
  • 1st stage
  • product is designed
  • cash flow = tight
  • all capital = investment
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14
Q

introduction

A
  • high costs in research development
  • sales = low, customers are not aware of the product
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15
Q

growth

A
  • rapid growth in sales and profits
  • customers = aware of product
  • demand is high
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16
Q

maturity

A
  • intense competition
  • market = saturated
  • sales = profits start to fail
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17
Q

decline

A
  • profits + sales = fallen
  • product may be withdrawn
  • heavily discounted
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18
Q

1.3.3

A

.

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19
Q

types of pricing strategy

A
  1. cost plus
  2. skimming
  3. competitive
  4. penetration
  5. psychological
20
Q

cost plus

A
  • achieves the business objective of maximising profits
  • provides good profit margin
21
Q

skimming

A
  • launching new product
  • price is set high to start = creates high profits
22
Q

penetration

A
  • setting prices to low on a new product to encourage sales + persuade customers
  • aimed at mass market
23
Q

psychological

A
  • 1.99 instead of 2.00 = to appear cheaper
24
Q

1.4.5

A

.

25
Q

leadership

A

leading a group/organisation

26
Q

types of leadership

A
  1. autocratic
  2. democratic
  3. paternalistic
27
Q

autocratic leadership

A
  • tell employees what they want done and how they want it done
  • little/no consultation
  • orders given must be followed
28
Q

democratic leaderhsip

A
  • offer guidance to group members
  • staff are involved/input to decisions
29
Q

paternalistic leadership

A
  • ‘father’ = showing kindness
  • right decisions for employees
  • take welfare into consideration
30
Q

1.5.1

A

.

31
Q

entrepreneur

A

person who sets up a business and takes risks in hope for profit/reward

32
Q

barriers to entrepreneurship

A
  1. access to finance
  2. lack of training
  3. fear of failure
  4. lack of confidence
33
Q

1.5.4

A

.

34
Q

limited liability

A

owner has no personal liability for business debts

35
Q

unlimited liability

A

if business is sued/in debt its problem of owners

36
Q

growth of a business

A
  1. sole trader
  2. partnership
37
Q

sole trader

A
  • business owned by owner
  • small businesses
  • unlimited possibility
    PROS = easy to set up,less capital
    CONS = difficult to raise money
38
Q

partnership

A
  • 2 or more ppl = they share the risks,costs and responsibilities
  • profits = shared
    PROS = shared problems + decisions
    CONS = partners have disagreement
39
Q

4.1.3 + 4.1.5

A

.

40
Q

globalisation

A

world is becoming interconnected

41
Q

trade liberalisation

A

international trade is made through relaxation of tarrifs and barriers

42
Q

PROS and CONS of GATT

A

PROS:
- new jobs for unskilled ppl
raised living standards = allowed developing nations to export goods
CONS:
- temporary employment
- developing nations become economically dependent

43
Q

3 trading bloc

A
  • NAFTA = north american (usa,canada,mexico)
  • EU = european = free movement of ppl,money,goods and services
  • ASEAN = south east asian (malaysia,phillippines,thailand)
44
Q

impacts of trading bloc

A

PRONS:
- free trade
- enlarged markets
- freedom of movement of ppl
CONS:
- free trade can create problems for business
- kill of domestic business in developing nations

45
Q

4.4.1

A

.

46
Q

positives of MNCs

A
  1. creates employment
  2. increase standard living
  3. increased skill base
47
Q

negatives of MNCs

A
  1. widens poverty gap
  2. low paid jobs
  3. increases urbanisation

theme 1 + 4 = paper 1 (1 decks)

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