Business Revision Flashcards

WhAt aRe thE teN KEY qualitieS to bEinG an EntrPreneUr
DetErminAtion anD DriVE, LucK, AbilItY To PlaN, WillIng to taKe RiskS, TakInG the INITIATIVE, ConfiDEnce, BeiNG PerSuasiVE, ABle to MAke DECiSiONS
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What IS LaTeral ThinkIng
Thinking OUTside THE BoX anD CreaTIvelY
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What are THE two Ways to THINK DelibEratley
Blue SKy ThinKinG and SIx THINking HAts
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what is calculated RISK
PuttiNG A NumeRIcal valUE on A RIsk
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An InventItion is a What
A new Product or Way of Doing thINGs
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an INNOvATiON is A WHat
An UPGrade to AN invEntion
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What isthe legal right to an invention?
A patent
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What is the exclusive right to publish and sell literary, musical or artistic work?
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What is a name, symbol or other device identifiying a product such as a logo.
A trademark
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How can someone provide good customer service
Give information/advice, have a range of payment options, provide after-sales service
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Whata are some beneifts to good customer service?
Can add value to the brand, Give the company competitive advantages and create customer loyalty.
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What is market segmentation
The process of splitting the whole market into segments depending on the characteristiucs of the customers
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What are sine ways to segment the market?
Age, Gender, Race, Religion, Interests
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To identify a gap in the market
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What is adding value?
The difference between the cost of the inputs and the price of the product
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What can add value to a product
Building a brand, customer service, product features, convenience, design and functionality
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What is the marketing Mix?
A.k.A the four P's, Product, Price, Place, Promotion
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What is product
What the business is selling
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What is price
How much the product or service is selling for
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What is place?
Distributing the product eo it can be easily accesed.
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What is Promotion?
Making sure the customer knows about the product.
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What are the different types of objectives?
Financial and Non-financial
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Is personal satisfaction a financal or non finacal objectvice.?
Non finacal
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Other cards in this set

Card 2


What IS LaTeral ThinkIng


Thinking OUTside THE BoX anD CreaTIvelY

Card 3


What are THE two Ways to THINK DelibEratley


Preview of the front of card 3

Card 4


what is calculated RISK


Preview of the front of card 4

Card 5


An InventItion is a What


Preview of the front of card 5
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