business Flashcards
what is a business aim?
an overall goal/target of the business
what is an objective?
a way of achieving your aims
what does SMART stand for?
Specific, Measurable, Achievable, Realistic and Time-bound
what are 5 main aims of start up businesses?
to survive, to grow by establishing customers, generate revenue and profit, to be able to support the business and their employees, and to find gaps in the markets to provide better services
why do each business have different aims and objectives ?
because different businesses operate in different sectors
what are the two main types of objectives?
financial and non financial objectives
What are the 5 customer needs?
Product, price, convenience, quality and accessibility
how does business segment markets - examples?
age, income, lifestyle, geographical location, gender, profession etc…
What’s an example of quantitative data?
how much customers will pay or how often they buy?
what is added value?
the difference between the price customers are willing to and the cost of producing it
formula of added value
price - cost of producing product = added value
what are 5 ways of adding value to products?
branding, packaging/features, convenience, USP, and quality
what is the marketing mix?
the 4 ps - product, price, place and promotion
products include goods and services - what’s the difference?
goods are tangible - things a customer can physically touch and use
eg: a phone,
whereas services are intangible such as spa day experiences etc
market mapping is where ? plot against ? variables - very often price and ? to see where they are in that marketplace and if there is a gap in the ?
