Business Studies
- Created by: phoebemears
- Created on: 22-01-16 19:08
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- Business Studies
- Marketing Mix
- Price
- How much a business sell their product or service for
- Product
- What the business is selling, normally the most important part of the marketing mix
- Place
- Where a business decide to sell their product or service
- Promotion
- How a business makes people aware of their product or service
- Price
- Product Life Cycle
- Maturity
- This is when sales are at their highest and the product being sold is popular
- Growth
- This is when a product begins to become popular and sales are increasing
- Decline
- This is when a product begins to go out of fashion and sales decline
- Introduction
- This is when a product is first put on the market
- Maturity
- Productivity
- Making more for the same cost
- Total Output divided by number of workers
- Can be more effective by cutting other costs
- Can be made more effective by cutting other costs
- Total Costs divided by number of outputs
- Making more for the same cost
- Managing Stock
- Just In Time
- Stock is only delivered when its needed
- The business doesn't have to pay to store it
- Stock is only delivered when its needed
- Holding Stock
- Stock is stored in storage and is taken out when needed
- The business has to pay for the storage of the stock
- Stock is stored in storage and is taken out when needed
- Just In Time
- Cash Flow
- Cash flow is the money which goes in and out of the business
- Opening Balance
- The amount of money the business has at the start of the month
- Closing Balance
- The amount of money a business has at the end of the month (the same amount as the next months starting balance)
- Net Cash Flow
- The receipts of a business minus its payments
- Outflows/ Inflows
- The amount of money going in or out of a business
- Market Research
- Primary Research
- Research which is original and never existed before
- Questionnaire
- Secondary Research
- Research which existed before and was done by someone else
- Internet
- Primary Research
- The Boston Matrix
- Cash Cow
- Little growth but a profitable product that can support others
- Star
- A very successful product but growth has to be funded to keep up with demand and cash flow may be a problem
- Question Mark
- Presents a problem
- Dog
- The business would have to decide if they want to continue selling or not
- Cash Cow
- Marketing Mix
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