Yr 11 Mock Exam style Questions and Marksheme Flashcards
Explain one way that a business can segment its market.
- Age
- Gender/Sex
- Income
- Location
- Lifestyle
How can you add ‘value’ to a product
- Quality
- Branding
- USP (Unique Selling Point)
- Design
- convenience
What’s the role of business enterprise
Sell goods/services
-meet customer needs
- add value
What’s the role of entrepreneurship
-organise resources
-take risks
-make business decisions
why new business ideas come about
-changes in technology
-products/services becoming obsolete
-change in consumer wants
how new business ideas come about
-adapting an existing idea
-creating an original idea
Identify 3 types of risks
-lack of financial security
-financial loss
-business failure
Identify 3 type of risk
-lack of financial security
-financial loss
-business failure
branding
recognisable and trusting brand so people more willing to spend money
USP
Unique feature of a product so it’s different from competitors and original
2 ways to reduce risks
planning - business plan
researching - market research
List 4 entrepreneur qualities
hardworking
determined
organised
innovative
creative
take calculated risk
business decisions
confident
List 4 type of Customer Needs
price,
quality,
convenience
choice
Advantages of using social media (market research)
spot consumer trends
collect and use data
deepen understanding of market
improve product or service
save time
Free cost
