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Btech Business > I Hate Business > Flashcards

I Hate Business Flashcards

(59 cards)

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1
Q

What is primary research

A

Original data gathered by the researcher

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2
Q

What the 4 main primary research methods

A

-questionnaires
-interviews
-trialing
-focus group

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3
Q

What is secondary research

A

The information already exists in some format

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4
Q

What are the 5 main secondary research methods

A

-newspapers
-magazines
-census
-website
-internal data

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5
Q

What is revenue

A

Revenue is simply another name for the money that a business gets from selling their goods and services

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6
Q

What is the sales volume

A

The number of products or services sold by a company over a period of time

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7
Q

What is the formula for revenue

A

Revenue = selling price X amount of item sold

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8
Q

What are costs

A

Costs are outgoing associated with a business

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9
Q

What are fixed costs

A

Costs which do not change when the output of a business increases

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10
Q

What are variable costs

A

Costs which change directly with the output of a business

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11
Q

What is output

A

The amount of products that is being produced

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12
Q

What is profit

A

How much money you make in a day

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13
Q

What is the formula for profit

A

Profit = revenue - total cost

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14
Q

What is the formula for total variable cost

A

Total variable cost = total price X amount made

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15
Q

What is the formula for total cost

A

Total cost = total variable + total fixed

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16
Q

What is break even

A

This the point at which the business makes neither a profit or a loss

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17
Q

What is the formula for break even

A

Break even = fixed costs/selling price - variable cost per unit

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18
Q

Example of break even graph

A
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19
Q

What is a sole trader

A

Owned by one person

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20
Q

What is a partnership

A

Owned by two or more people

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21
Q

What is unlimited liability

A

The owners are responsible for the businesses debts if it cannot pay them

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22
Q

What is limited liability

A

The owners are not responsible for the businesses debts if it cannot pay them

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23
Q

What does B2B mean

A

-Business to business
-an enterprise sells its goods or services to other enterprises

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24
Q

What does B2C mean

Study These Flashcards
A

-business to customer
-goods and services are supplied directly to the customer

25
What are the characteristics of a B2B
-sells higher volumes to a smaller number of customers -invest more time into each sale through building long standing relationship with trade customers -use dedicated account managers with superior market knowledge to support trade customers
26
What are the characteristics of a B2C
-sell lower volumes to a greater number of customers through retail sales -offer a single price to all customers -use a mass marketing approach to raise awareness
27
What is a PEST analysis
-Political, Economic, Social, Technical -it is used by enterprises to evaluate the external changes that could impact them positively or negatively
28
What are the political factors
-government changes -new regulations -changes in taxation
29
What are the economic factors
-consumer growth in economy -growth or recession -inflation -interest rates -level of employment -national wage levels -cost of energy
30
What is the formula for cost of sales
Cost of sales = gross profit - sales revenue
31
What is above the line promotion
-radio -billboard -magazine -tv
32
What is competitive pricing
When a business considers the prices their competitors charge
33
What is psychological pricing
When a business chooses to avoid whole numbers when setting prices
34
What is price penetration
When a business introduces a new product at a low selling price which they later increase
35
What is price skimming
A business charges a high price for a product when it is first released then this price is later reduced
36
What is premium pricing
Pricing products above the competition trying to establish a perception of quality and luxury
37
What are the stages of product lifestyle
-development -introduction -growth -maturity -decline -withdrawal
38
What is market segmentation
A process businesses use to target specific customers
39
What is a debit card
A debit card payment comes directly from the customers bank account
40
What is a credit card
A credit card payment comes from the customers credit card provider and is loaned to the customer
41
What is a disadvantage of a debit card
A customer will be limited by the available balance in their account
42
What is a disadvantage of the credit card
The customer will have a credit card limit that they can spend up to before repaying some of the money borrowed on the card
43
What is direct debit
It is an instruction to a bank authorising an enterprise to transfer money from a customers account to the enterprises account of payments for goods or services
44
What is a delivery note
-When a document is sent by the supplier with the ordered goods -customers can use the delivery note to check the ordered goods match the goods sent
45
What is a goods received note (GRN)
A document which shows what goods were actually received
46
What is an invoice
-A request for payment -it’s purpose is to provide a format statement to show what a customer has bought and to provide them with payment details
47
What is a credit note
Notifies the customer of a reduction in the amount they are due to pay as a result of a missing, incorrect or damaged order
48
What is a remittance advice
To provide proof of payment from the customer to the supplier
49
What is a receipt
A document that proves a payment has been made and received
50
What is a statement of account (SOA)
-Shows all the transactions that have taken place between a buyer and seller -it’s purpose is to detail any transactions between both parties to itemise payments made and clearly indicate any outstanding balance
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Btech Business (1 decks)

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