Business Revision 1.1

What is the difference between risk and uncertainty?
Risk is something that you can plan for. Uncertainty is something that you can’t plan for
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What is the difference between qualitative and quantitative research?
Qualitative research is the collection of data about attitudes, beliefs and intentions. Quantitative research is the collection of data that can be quantified
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What is the difference between primary and secondary research?
Primary research is the gathering of new information which doesn’t already exist. Secondary research is the collection of data that is already in existence
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What is product orientation?
An approach to business which places the emphasis upon the production process and the product itself
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What is market orientation?
An approach to business which places the needs of consumers at the centre of the decision making process
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What is demand?
Demand is the amount of a product that consumers are willing and able to purchase at any given price
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What factors are there that lead to a change in demand?
Changes in prices of substitutes and complementary goods/changes in consumer incomes/fashions,tastes and preferences/advertising and branding/demographics/external shocks/seasonality
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What is supply?
Supply is the amount of a product which suppliers will offer to the market at a given price
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What factors are there that lead to a change in supply?
Changes in cost of production/introduction of new technology/indirect taxes/government subsidies/external shocks
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What is price elasticity of demand?
The responsiveness of demand to a change in price
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Card 2

Front

What is the difference between qualitative and quantitative research?

Back

Qualitative research is the collection of data about attitudes, beliefs and intentions. Quantitative research is the collection of data that can be quantified

Card 3

Front

What is the difference between primary and secondary research?

Back

Preview of the front of card 3

Card 4

Front

What is product orientation?

Back

Preview of the front of card 4

Card 5

Front

What is market orientation?

Back

Preview of the front of card 5
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