Business Unit 2

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  • Business Studies
    • Market Research
      • to find out information about customer needs and wants
        • Primary Research-first hand data
          • Surveys
          • Observation
          • Focus groups
          • Interviews
          • Questionaries
          • + reliable and up-to-date
            • -- time-consuming and expensive
        • Secondary Reserach-second hand data
          • Internet
          • Newspapers
          • Competitors Websites
          • Government Reports
          • -- Irrelevant & Out-dated
            • + Quick and easy and cheap
    • Costs & Revenue
      • Revenue: Income business makes from goods or service
        • Revenue = Price x Quantity
      • Fixed Costs- doesn't change with the output
        • Salaries
        • Rent
        • Insurance
        • Debt
        • Advertising
      • Variable Costs- changes with the output
        • Costs of Raw Material
        • Wages
        • Machinery
      • Total Costs: ALL of the eoenses of the business
        • TC= FC + VC
    • Customer Needs
      • Wants and Needs of Customers
      • Convenient Location
        • + Populated, increased footfall
        • -- Expensive Rent
      • Reasonable Price
        • + High Demand
        • -- Less Profit
      • Good Product Range
        • + Increased Income
        • -- Higher cost of making the products
      • Good Quality
        • +Loyal Customers
        • -- higher cost to make these products
      • Good Customer Service
        • + Efficient,Loyal Customers
        • -- Training cost of Employees
    • Role of Entrepreneurship
      • Making Business Decisions
      • Showing Leadership
      • Takes Risk
      • Organising Resources-staff and equipment
    • Added Value
      • the difference between cost of raw materials and selling price
        • Ways to Add Value
          • USP-Unique Selling Point
          • Convenience
          • Speed
          • Branding
          • Quality
          • Service
    • Market Segmentation
      • Separating markets into groups depending on people's characteristics
      • Age
      • Gender
      • Lifestyle-hobbies,personality
      • Income-higher class/middle/lower

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