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A level Business > Theme 1 A level business > Flashcards

Theme 1 A level business Flashcards

1
Q

What is Product Orientation?

A

When a business is more focused on the product rather than the market.

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2
Q

What is a dynamic market?

A

A market that is constantly changing in order to meet customer needs and wants

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3
Q

What is Market segmentation?

A

A whole market divided into smaller sections to meet customer needs more efficiently

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4
Q

What is a mass market?

A

A mass market is a saturated market that products and services are advertised in the same way

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5
Q

What is a niche market?

A

A niche market is a small subsection of a larger market that caters for specific customer needs and wants

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6
Q

What is a market

A

A market is a place where people meet to trade products

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7
Q

What is market share?

A

The percentage of a market that a business, product or service has

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8
Q

What is Market research?

A

Market Research is research that is done by a business to cater for new customer needs

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9
Q

What is Primary market research?

A

Primary market research is research that is done by the business and is relevant to the business.

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10
Q

What is secondary research?

A

Secondary research is research that has already been done and is not particularly relevant to the business

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11
Q

What is qualitative data?

A

Qualitative data is the public’s judgements and opinions

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12
Q

What is quantitative data?

A

Quantitative data is data that is number and statistics.

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13
Q

What is risk?

A

Risk is something that can be planned for the probability of outcomes that are known or at least understood

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14
Q

What is uncertainty?

A

Uncertainty is something that cannot be planned by a business such as a recession or a natural disaster

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15
Q

What is Demand?

A

Demand is the amount that customers are willing and able to purchase at a given price

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16
Q

What is the basic law of demand?

A

As price increases, Demand decreases

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17
Q

What is Supply?

A

Sup[ply is the amount that a producer is willing and able to supply at a given price

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18
Q

What is the basic law of supply?

A

When price increases supply increases

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19
Q

What are the 4 P’s

A

Product, place, price and promotion

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20
Q

What is the design mix?

A

Cost, Aesthetics, Function

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21
Q

What is a mark up?

A

A mark up is the % of added value to a product

22
Q

What is a flat structure?

A

When leaders have a short chain of command but a wide span of control

23
Q

What is a Tall structure?

A

When leaders have a long chain of command but a narrow span of control

24
Q

What is a matrix structure?

A

A 2x2 matrix model that analyses a product portfolio according to the growth rate of the market and the relative market share of products within the market.

25
Q

What is motivation?

A

An employees desire to achieve a goal

26
Q

What was Taylor’s theory?

A

Taylor believed that workers were motivated by money and should be paid on the amount of items produced (Piece rate)

27
Q

What was Maslows Theory

A

Maslow made the hierarchy of needs, a pyramid that describes levels of of human needs that motivate us

28
Q

What was Herzbergs Theory?

A

Herzberg developed the two factor theory of motivation: The hygeine factor and the Motivators

29
Q

What was Mayos Theory?

A

Mayo believed that workers wanted more than money and that staff would be more motivated to work harder if their social needs were met.

30
Q

What is online retailing?

A

When products or services are sold online

31
Q

How do customers incomes impact demand?

A

As income rises, demand should rise

However, if the product is inferior demand will fall and better alternatives will be chosen

32
Q

How do seasonal factors affect demand?

A

Most products will have seasonal peaks

E.g ice cream in the summer

33
Q

What is a normal good?

A

It is a good thats demand changes depending on price and consumer income
E.g cars

34
Q

What is an inferior good?

A

It is a good that demand dosent change depending on price or income
E.g pasta

35
Q

What is a demand curve?

A

The amounts of a product that is demanded in the market at different price points

36
Q

What are the four main causes of changes in supply?

A

Cost of production, External shocks, New technology and Taxation & Subsidies

37
Q

what is a supply curve?

A

A line that shows the different combinations of quantity supplied and market price.

38
Q

What is a subsidy

A

A sum of money given to a business by the government that doesn’t have to be paid back.

39
Q

What is market equilibrium?

A

When there is a balance between supply and demand.

40
Q

What is disequilibrium?

A

When the balance is not correct between supply and demand.

41
Q

What is PED

A

This measures how demand is affected by a change in prce

42
Q

What is YED

A

This measures how demand of a product is affected by a change in consumer income

43
Q

How is PED measured

A

% Change in quantity demanded/

% Change in price

44
Q

How is YED measured?

A

% Change in quantity demanded/

% Change in income

45
Q

How do you interpret whether a product is price elastic?

A

If the value is more than 1 it is classed as elastic as the change in demand is more than the change in price

46
Q

How do you interpret whether a product is income elastic

A

If a product is Price elastic then it is likely to be income inelastic

47
Q

What is a luxury item

A

An item that is not needed and likely to be elastic

48
Q

What is a necessity

A

An item that is needed and is likely to be inelastic

49
Q

How does availability of substitutes affect PED?

A

If the product has lots of alternatives it is more likely to be inelastic

50
Q

How does Brand strength affect PED

A

Products with a high brand loyalty tend to be more inelastic.

A level Business (4 decks)

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