U2 Flashcards
I'm cooked
1
Q
Legal requirements
A
- Registering a business name
- Registering a website domain
- Work safe insurance
2
Q
Financial control systems
A
- Bank accounts
- Record keeping strategies
- Financial control systems
- Cash flow management, budgeting, auditing
3
Q
External professionals
A
- Accountant
- ICT specialist
- Financial advisers
- Legal adviser
- Marketing adviser
4
Q
Choosing appropriate suppliers
A
- Price
- Quality
- Location
5
Q
Types of legislation/procedure
A
- Occupational Health and Safety (OHS)
- Competition and consumer act (CCA)
6
Q
Steps in market research process
A
-Define the problem
-Collect the required data
-Analyse and interpret the data
7
Q
Primary data
A
Ie. Surveys
8
Q
Secondary data
A
Ie. Sales records, internet search
9
Q
Target market attributes
A
- Market dimensions
- Segments
- Consumer trends
- Behaviour
10
Q
4Ps
A
- Product
- Place
- Price
- Promotion
11
Q
Product considerations
A
- Design
- Quality
12
Q
Price
A
- Physcological
- Cost plus (% mark up)
13
Q
Place
A
Producer to wholesaler to retailer to consumer (cut down if needed)
14
Q
Promotion
A
- Advertising
- Public relations
15
Q
Product life cycle
A
- Introduction
- Growth
- Maturity
- Decline
- Extension
