Business Studies

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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
    • 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
    • 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
    • Managing Stock
      • Just In Time
        • Stock is only delivered when its needed
          • The business doesn't have to pay to store it
      • Holding Stock
        • Stock is stored in storage and is taken out when needed
          • The business has to pay for the storage of the stock
    • 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
    • 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

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