Business Mocks 3

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  • Created by: Lilyk30
  • Created on: 05-02-18 19:25
What is meant by the term extension strategy?
Methods used by businesses to increase the life of a product to prevent it falling into decline by maintain its sales
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What is marketing?
Satisfying customers needs profitably
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What is the Boston matrix?
A product portfolio analysis tool used to plan the development of products
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What is a star in the Boston matrix?
A very successful product but growth has to be funded to keep up with demand and cash flow may be a problem
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What is a cash cow in the Boston matrix?
Little growth but an established and profitable product that can support others
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What is a question in the Boston matrix?
Presents a problem
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What is a dog in the Boston matrix?
Has few prospects but should the business continue to sell it if it is profitable
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What is meant by the term product portfolio?
The range or combination of goods and services that a business sells to its customers
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What are the variables of the design mix?
Function, cost, appearance
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What is just in time stock control?
Stock management system where stocks are delivered only when they are needed
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What is quality?
The minimum standard of product or process which must be achieved in producing or providing a good service that meets customer needs
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What does the sales of goods act declare?
All products must be of merchantable quality, match their description and be fit for their purpose
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What does the trade descriptions act declare?
All businesses must not give false information, fail to get important information or act aggressively
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What is profit?
The financial reward to a business that results when its revenues are greater than its costs
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When does a business break even?
Total revenue = total costs
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What is span of control?
The number of people who report to a superior
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What is a hierarchy in a business?
The structure of different levels of authority in the organisation
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What is motivation?
The drive or desire to complete a task or to achieve something
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What is a tariff?
A tax put on a product imported into a country which makes a product more expensive
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What are quotas?
Put a limit on the number of imports
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What is an export subsidy?
Will reduce the price of exports and encourage exporting firms
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What are the taxes that affect UK businesses?
Value Added Tax, Corporation Tax, Income Tax, National Insurance
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Other cards in this set

Card 2

Front

What is marketing?

Back

Satisfying customers needs profitably

Card 3

Front

What is the Boston matrix?

Back

Preview of the front of card 3

Card 4

Front

What is a star in the Boston matrix?

Back

Preview of the front of card 4

Card 5

Front

What is a cash cow in the Boston matrix?

Back

Preview of the front of card 5
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