B.E Revision

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  • Created by: Wardie123
  • Created on: 03-01-15 13:32
What is a brand?
A name, term or feature that identifies one seller's product from those of other sellers.
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What can a brand image be established with?
Logos, symbols, colour, packaging, fonts, design, pictures, patterns, size, shape,image and slogans.
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What makes a strong brand?
1) Customers find it easy to identify the product. 2) It encourages brand loyalty. 3) It makes it easy to launch new products. 4) Can be sold at a high price.
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Competitive Markets have?
Lots of sellers. Similar prices. No one seller has market control.
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Why do similar prices arise?
Because customers will switch to alternatives if the price of one goes up, sp businesses compete to attract customers with features other than price.
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Non Price Competition?
1) Promotions (free gifts, competitions) 2) Advertising 3) Celebrity Endorsement 4) Loyalty Cards 5) Credit Terms 6) Free Delivery.
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Shares?
Owning these mean the shareholder is a part owner of a company.
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What is the stock market?
Where shares are bought and sold. The price of a share depends on economic factors as well as how successful the company is.
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What are the benifits for shareholders?
1) Selling shares at a higher prices then when they were purchased at 2) Dividends (a share in the company's profits) are distributed
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What is inflation?
A general and sustained rise in prices. Shown as a percentage. Low and steady is a good sign.
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Unemployment?
Only counted is actively seeking work but not in work.
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Balance of payments?
Surplus = exports > imports Deficit = imports > exports
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What does GPD (Gross Domestic Product) do?
Measures the value of all the goods and services produced. ^ GPD means economic growth. GPD in two successive quarters means recession.
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What is innovation?
When entrepreneurs turn ideas into goods or services to make profit. They coordinate the other 3 factors of production.
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Characteristics of an Entrepreneur?
1) Determination 2) Confidence 3) Imaination 4) Assertiveness
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Famous Scottish Entrepreneurs?
Ann Gloag, Tom Farmer and Duncan Bannatyne.
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Factors of Production Enterprise? (Name 3)
1) Land (natural resources, eg oil, fish) 2)Labour (human resources eg joiner)
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Factors of Production Enterprise? (Name 3)
3) Capital (man-made resources eg tools, machinery)
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Other cards in this set

Card 2

Front

What can a brand image be established with?

Back

Logos, symbols, colour, packaging, fonts, design, pictures, patterns, size, shape,image and slogans.

Card 3

Front

What makes a strong brand?

Back

Preview of the front of card 3

Card 4

Front

Competitive Markets have?

Back

Preview of the front of card 4

Card 5

Front

Why do similar prices arise?

Back

Preview of the front of card 5
View more cards

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