Business Unit 2
- Created by: LudinaQadir
- Created on: 08-12-19 16:57
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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
- Primary Research-first hand data
- to find out information about customer needs and wants
- 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
- Revenue: Income business makes from goods or service
- 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
- Ways to Add Value
- the difference between cost of raw materials and selling price
- Market Segmentation
- Separating markets into groups depending on people's characteristics
- Age
- Gender
- Lifestyle-hobbies,personality
- Income-higher class/middle/lower
- Market Research
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