Business terms Flashcards
(30 cards)
1
Q
Primary data list (4)
A
- Surveys
- Observations
- Interviews
- Focus groups
2
Q
Secondary data list (4)
A
- Government publications
- Internet sources
- Trade magasins
- Market reports
3
Q
Ways to segment a market (4)
A
- Demographic (age, gender, socio economic class)
- Geographic (city, country)
- Income
- Behavioural (amount of use, lifestyle, hobbies)
4
Q
Competitive advantages (7)
A
- Lower costs
- Product innovation (first in market)
- Advertising & marketing
- Product differentiation
- Reliability & quality
- Good customer service
- Convinience
4
Q
Demand influences (8)
A
- Substitutes
- Complimentary products
- Consumer income
- Fashion
- Advertising & branding
- Demographics (changes)
- Seasonal changes
- External shocks
5
Q
Supply influences (6)
A
- Cost of production
- Indirect taxes
- Subsides (money given by gov)
- New tech
- Weather conditions
- External shocks
6
Q
Marketing mix (4)
A
- Product
- Promotion
- Pricing
- Place
7
Q
Design mix (3)
A
- Function
- Aesthetics
- Cost
8
Q
Branding (3)
A
- Manufacturer / corporate (business presents itself)
- Product (individual products)
- Own (shop in house)
9
Q
Promotional pricing strats for new products (2)
A
- price skimming (high)
- Penetration (low)
9
Q
Other pricing strats (4)
A
- Cost plus pricing ( adds mark up)
- Predatory ( lowers price to push competitors out)
- Competitive pricing ( monitor competition prices to stay low)
- Psychological pricing (£3.99)
9
Q
Channels of distribution (2)
A
- Direct selling (manufacturer>consumer)
- Indirect selling (man>(wholesaler)>retailer>consumer)
9
Q
Life cycle stages
A
- Development (research)
- Introduction (launched)
- Growth (sales grow fast)
- Maturity (sales peak)
- Decline (sales fall)
9
Q
Extension strategies (2)
A
- Product development
- Product promotion
9
Q
Boston Matrix
1. High growth, High share
2. Low growth, High share
3. Low growth, Low share
4. High growth, Low share
A
- Stars
- Cash cows
- Dogs
- Question marks / problem children
9
Q
B2B marketing (4)
A
- No emotional component
- More informative
- Trade journals/ shows more than TV
- Quality and cost effective
9
Q
Leadership styles (5)
A
- Autocratic (decisions on own)
- Paternalistic (wellbeing focus)
- Democratic (group ideas)
- Laissez faire (hands off)
- Transformational (drastically change)
9
Q
Successful entrepreneur characteristics (6)
A
- Initiative (best course of action)
- Hard working
- Creative
- Self confident
- Risk taker
- Resiliennt
9
Q
Entrepreneur to leaders (3)
A
- Delegate responsibility
- Develop emotional intelligence
- Become less reactive (slower decisions)
9
Q
Business objectives (8)
A
- Survival (short term)
- Profit maximisation
- Sales maximisation
- Increase market share
- Improve cost efficiency
- Improve employee welfare
- Customer satisfaction
- Social objectives
10
Q
Forms of a business (4)
A
- Sole trader (Individual)
- Partnership (2-20)
- Private limited company (Privately sells shares)
- Public limited company (any shareholders)
10
Q
Internal finance (3)
A
- Owners capital (personal savings)
- Selling assets (machinery)
- Retained profit (Built up profit)
10
Q
External finance (6)
A
- Friends & family
- Banks
- Peer to peer leaders (Allow individuals to send money at chosen interest)
- Business angels (wealthy individuals with advice)
- Crowd funding
- Other businesses (large retained profit invested)
10
Q
Short term finance (4)
A
- Overdrafts
- Leasing (monthly sums over time)
- Grants
- Trade credit
10
Long term finance (3)
1. Loans
2. Share capital
3. Venture capital (business angels etc)
10
External budget variances (3)
1. Competitor behaviour & fashions
2. Changes in economy
3. Cost of raw materials
10
Internal budget variances (3)
1. Improving efficiency
2. Underestimate cost
3. Changing selling price
10
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