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Business GCSE > Theme 1 > Flashcards

Theme 1 Flashcards

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1
Q

what is enterprise?

A

The process of identifying new business opportunities and taking advantage of them

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2
Q

Give three purposes of business activity?

A
  1. Provide people with a good or service
  2. Meet customer needs e.g. providing goods/services that people will want to but
  3. Add value to an existing product
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3
Q

Explain why a firm might try to make a product more convenient for the customer?

A

A firm might make its product more convenient for customers to add value to its product

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4
Q

What does USP stand for?

A

Unique selling point

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5
Q

Explain three reasons why new business ideas come about?

A
  1. Changes in technology
  2. Changes in what customers want
  3. Goods/services becoming obsolete
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6
Q

What is an entrepreneur?

A

An entrepreneur is someone who takes on the risks of enterprise activity

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7
Q

List three things a entrepreneur must be able to do to run a successful business?

A
  1. Organise resources
  2. Take risks
  3. Make business decisions
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8
Q

Explain three rewards a entrepreneur might get from setting up a business?

A
  1. Seeing their business idea become a success
  2. The reward of profit which could lead to a better quality of life
  3. The independence of running your own business
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9
Q

Describe three meanings of the term ‘market’

A
  1. A place where goods are traded
  2. Trade in a certain product e.g. Oil market
  3. The potential customers for a product e.g. age 18-25 customers
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10
Q

List five areas where a business may compare itself to its competitors?

A
  1. Price
  2. Customer service
  3. Quality
  4. Product range
  5. Location
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11
Q

Describe two factors about a business that can make it stand out to competitors?

A
  1. The price of a business products compared to its rivals

2. The quality of its products compared to its rivals

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12
Q

Why is it important for a business to understand a customers needs?

A

The business needs to provide a good/service that customers will want to buy so there business is successful

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13
Q

Give two customers needs that a business might want to identify?

A
  1. Convince

2. Quality

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14
Q

Give three types of business decisions which may be informed by a business market research?

A
  1. Make informed decisions
  2. Spot a gap in the market
  3. Reduce risks
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15
Q

Explain how market research can help a business to reduce its risks?

A

Using market research can help to reduce the risk of a potentially failed business idea

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16
Q

What is the main difference between primary market research and secondary market research?

A

Primary research-Doing your own research from customers through surveys, questionnaires and focus groups
Secondary research-Using other similar businesses research for your business

17
Q

Give four methods of primary market research?

A
  1. Opinions
  2. Questionnaires
  3. Surveys
  4. Focus groups
18
Q

Give two methods or secondary market research?

A
  1. Government reports

2. Newspaper/magazine articles

19
Q

Would a small firm be likely to use primary or secondary market research? Explain your answer.

A

A small business is more likely to use secondary research as it is cheaper than primary research and is easily found and instantly available

20
Q

Give one example of how a Business may use social media for its market research?

A

Social media can be used to find things people enjoy, Business can collect this information and use it for their market research

21
Q

What is the difference between quantitative and qualitative market research?

A

Quantitive research-Research that is displayed in a numerical value e.g. how many pizzas will you buy each week
Qualitative research-Research that asks people’s feelings and opinions e.g. what do you think of pizzas

22
Q

What is meant by reliable market research?

A

This means the results can be repeated by another researcher, reliable market research presents the people that the business is interested in accurately

23
Q

Why might a firm want to segment a market when conducting market research?

A

Segmenting a market can help a business figure out who exactly they are most interested in selling to to maximise profit

24
Q

Give four different ways of segmenting a market?

A
  1. Age
  2. Income
  3. Location
  4. Lifestyle
25
Q

Give two pieces of information which a business might find out form a market map?

A
  1. Competitors selling similar products

2. Any gaps in the market

Business GCSE (2 decks)

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