Bussiness Anna

Question 1

What is promotional pricing

Answer 1

Very short term price reductions to interest customers

Question 2

What is price skimming

Answer 2

High price at the start lower price afterwards

Question 3

What is competition pricing

Answer 3

Similar price to the others so your customers don’t leave you

Question 4

What is penetration pricing

Answer 4

Low price to attract interest then you raise your price afterwards

Question 5

What is cost plus

Answer 5

A simple way to ensure you always cover your costs and make a % profit

Question 6

What is sole trader

Answer 6

A person who owns and runs three own bussiness

Question 7

What’s a advantage of being a sole trader

Answer 7

Keep the profit , work on your time schedule, your are your own boss, make your own decisions

Question 8

Disadvantage of being a sole trader

Answer 8

High level of responsibility, long hours ,

Question 9

Advantages of being a limited liability company (ltd)

Answer 9

Gives people an opportunity to be your own bosss,the owner has limited liability,

Question 10

Disadvantage of being a limited liability company (ltd)

Answer 10

There is often more paperwork,time consuming to set u , other people are able to view the business’s financial information

Question 11

What is a partnership

Answer 11

When someone is in a business with another person

Question 12

Advantages of being in a partnership

Answer 12

The decisions are shared , they are easy to set u,more financial help

Question 13

Disadvantages of being in a partnership

Answer 13

One person could put in more work ,conflict in decisions,involve Long hours, split profit

Question 14

What’s a entrepreneur?

Answer 14

A person who sets up there own business

Question 15

Why do we write a business a plan

Answer 15

To guid the business, to apply for loans ,to see financial what you will need

Question 16

Disadvantage of a business plan

Answer 16

Takes time to write,it’s only a predictable of what might happen

Question 17

What’s a sleeping partner

Answer 17

Someone who invests money but takes no part in the day running

Question 18

Disadvantage of being in a limited liability company

Answer 18

Made public documents,more paperwork

Question 19

What’s a stakeholder

Answer 19

Someone who is interested in the business

Question 20

What is a aim

Answer 20

What you are trying to achieve in a business

Question 21

What does objective mean

Answer 21

More specific and short term

Question 22

What does pigs stand for

Answer 22

Profit increase market share growth survival service (customer service )

Question 23

What does internal mean

Answer 23

Anyone within the business (employee)

Question 24

What does external mean

Answer 24

Anyone outside the business (customers )

Question 25

What’s organic growth

Answer 25

When a business decides to expand within itself for example by a new product range

Question 26

What’s external growth

Answer 26

Wheere it involves a merger and a takeover

Question 27

What’s does a takeover mean

Answer 27

When two business buys one other on the stock exchange wetter they like it or not

Question 28

What’s a merger

Answer 28

When two business agree to join together

Question 29

Advantages of external growth c

Answer 29

Competition can be reduced, market share can be increased very quickly overnight.

Question 30

Disadvantage of external growth

Answer 30

it can be expensive to takeover/merge with another business, managers may lack the experience to deal with the other businesses.

Question 31

What do the four Ps stand for

Answer 31

Product place promotion price

Question 32

What does the product life cycle stand for

Answer 32

Development introduction growth maturity decline

Question 33

What’s a wholesaler

Answer 33

company that earns money by buying large quantities of goods then selling in bulk to smaller businesses.

Question 34

What’s the distribution channel

Answer 34

Producer wholesaler retailer consumer

Question 35

Why do we use promotion

Answer 35

To encourage people to buy the product, to remind people , to improve the image of the business

Question 36

What’s a loss leader

Answer 36

It’s wheee an essential product is sold below the cost of making it

Question 37

What does it mean by promotion pricing

Answer 37

direct marketing, sales promotion, digital marketing, personal selling, general advertising, public relations, and sponsorships.

Question 38

What does it mean by early discounts

Answer 38

Faster sales , more sales ,looks cheaper then your competition, brings in a lot of cash

Question 39

What’s the point ina free sample

Answer 39

Customers can ask questions about it ans they can see the finished product

Question 40

What does best leader mean

Answer 40

To encourage customers to buy other products

Question 41

Advantages of a wholesaler

Answer 41

Competition pricing ,save money of marketing ,cost effiency

Question 42

Disadvantage of a wholesaler

Answer 42

Lower profits. Wholesalers buy products in bulk, but at a lower price, Relationship building is critical,

Question 43

What does it mean by primary research

Answer 43

gathering data that has not been collected before.

Question 44

What does it mean by secondary research

Answer 44

research method that uses data that was collected by someone else

Question 45

what is a public limited company (plc )

Answer 45

shares are sold to the public on the stock market

Question 46

advantages of being a public limited company (plc )

Answer 46

the business has the ability to raise additional finance through share capital, the share holders have limited liability

Question 47

disadvantage of public limited company (plc)

Answer 47

there are more complex accounting and reporting requirements, shareholders may clash when making decisions about the business,it’s expensive to set up