business Flashcards
(11 cards)
1
Q
pros of a niche market
A
add value differentness from other products celebrity endorsement advertise a sport e.g fb boots maybe less competition
2
Q
cons of a niche market
A
less customer base
too expensive to buy and make
harder to compete
expensive research
3
Q
pros of a mass market
A
large production scale usually constant demand large customer base high revenues high volume made
4
Q
cons of a mass market
A
must be up to date
lots of competition
needs to stand out
lower pricing
5
Q
what were markets like before 1950s
A
lack of advertisement means
could haggle pricing
far away
6
Q
how and why have markets changes since 1950s
A
lots of online shopping
online adverts
fixed pricing
7
Q
types of secondary data
A
annual reports internal data government sources news trade journals specialist organisations publications EU and international sources
8
Q
types of primary data
A
questionnaire interview observation loyalty cards focus groups consumer panels test marketing
9
Q
difference between limited and unlimited liability
A
limited = personally part of your business i.e. soul traders and partnerships unlimited = separate from your business i.e. sell assets and not personal possessions
10
Q
finance for unlimited
A
owners capital trade credit leasing bank finance crowd funding
11
Q
finance for limited
A
share capital bank finance, angel or venture capital crowd funding leasing trade credit trading profit
