Business Mock Revision 0.0 / 5 ? Business StudiesFinanceMarketing mixProfitGCSEAQA Created by: eva nikaCreated on: 10-12-20 22:31 customer a person who BUYS the product/service 1 of 31 consumer a person who USES the product/service 2 of 31 customer needs what the customer CANNOT live without 3 of 31 customer wants what the customer CAN live without 4 of 31 market research the process of gathering information about your customers needs and wants, competitors and market trends 5 of 31 primary (field) research gathering new information, called primary data that has not been gathered before 6 of 31 secondary (desk) research gathering secondary data, which is information that has already been gathered (such as sales) 7 of 31 survey research involving questions for people 8 of 31 questionnaire a list of questions to be answered consumers 9 of 31 focus group in market research, a group of people brought together to answer questions and discuss a product, brand or issue 10 of 31 qualitative data information on opinions of customers 11 of 31 quantitative data information based on statistical data 12 of 31 market segmentation part of a market that contains a group of buyers with similar buying habits 13 of 31 unique selling point a unique characteristic of a product that differentiates the business from its competitiors 14 of 31 TOTAL REVENUE TR = PRICE * QUANTITY P * Q 15 of 31 TOTAL COSTS TC = FIXED COSTS + VARIABLE COSTS FC + VC 16 of 31 entrepreneur a person who uses and runs their own business and takes risks 17 of 31 good a tangible product (e.g. a car) 18 of 31 services an intangible product (e.g. a bus journey) 19 of 31 PROFIT/LOSS = TOTAL REVENUE - TOTAL COSTS 20 of 31 cash flow the flow of cash into and out of a business 21 of 31 inflow the cash flowing into a business, its receipts 22 of 31 outflow the cash flowing out of a business, its payments 23 of 31 shareholders the owners of a company 24 of 31 marketing mix the combinations of factors which help the business to take into account customer needs when selling a product (the 4Ps) 25 of 31 price the amount of money customers have to give up to acquire a product 26 of 31 product a good or service produced by a business or organisation and made available to customers for consumption 27 of 31 promotion communication between the business and customer 28 of 31 place the way in which a product is distributed-how it gets from the producer to the consumer 29 of 31 unlimited liability a legal obligation on the owner of a business to pay off all debts 30 of 31 limited liabilty where shareholders of a company are not personally liable for the debts of the company 31 of 31
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