Bailey set Flashcards
(35 cards)
What are the FOUR main customer needs
Why is it crucial for businesses to meet these?
What are the FOUR elements of the marketing mix?
What are the THREE elements of the design mix?
What are the stages of the product lifecycle and what happens at each stage?
Explain THREE extension strategies used by businesses
What are TWO methods of promotion a business can use?
How is breakeven calculated?
What is the importance of breakeven to a business?
What is calculation per unit?
Explain THREE fixed costs.
Explain THREE variable costs
How is revenue calculated?
How is profit calculated?
How are the gross and net profit margins calculated?
How is ARR calculated and what is this used for?
What are the TWO main branches of market research?
What is the definition for market research?
What is the definition of marketing?
What is the purpose of a business plan for a business?
What are THREE risks associated with setting up a business?
What are THREE rewards associated with setting up a business?
How can the disposable income of customers affect a business?
Explain why new business ideas come about.
