Business Flashcards
(21 cards)
Define product and give examples.
Anything that is capable of supplying customer needs.
Examples~>
•Phones
•TV
•Toys
•Computers
Define Services and Give examples.
Services is an act that’s a business person carries out for you in exchange for money.
Examples~>
•Dental treatment
•Hairdressing
•travel Agent
Differences between Wants and Needs?
Wants~>things that people would like to have but can survive without
Needs~> Things required in order to survive -life essential
What is a risk?
Business failure
Lack of security
Financial loss
What is a reward?
Business success
Profit
Independence
Define Primary Research.
Information carried out by one person first hand
Define Secondary research.
Information carried out by anyone
Define Added Value.
The difference between what a business pays its suppliers and the price if is able to change for its product or services
Ways to add value
Branding
Convenience
Design
Unique Selling point
Quality
Why would a business idea come about?
Changes in technology
Changes in what consumers want
What is customers needs?
Price
Convenience
Choice
Quality
Define Market Research.
is the collection of information about existing or potential Product
Examples of Primary Research
Survey
Questionnaire
Focus Group
Observation
Interviews
Examples of Secondary Research
Market report
Government report
Internet
Define Enterprise
Is the process of identifying new business opportunities
Define entrepreneur
When a business idea comes about an develops it
define Qualitative Data
information on people feeling and opinions
Define Quantitative Data
is anything you can measure or reduce at a number
What is the 4 purpose of market research
•Finding gaps in the market
•Find customer needs
•Reduces risks
•Find Customer needs and wants
What are Market segmentation
Location
Age
Demographics
Lifestyle
Income
What are the marketing mix (4P’s)
Price
Promotion
Place
Product
