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What is Quantitative Research
Its a way of generating numerical data or data that can be transformed into useable statistics. eg online surveys
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What is Qualitative Research
It is used to gain an understanding of underlying reasons, opinions, and motivations. eg focus groups
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Name 4 different types of markets
Local, National, Physical, Electronic
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What is Private Limited Company shortened to
LTD
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What is Public Limited Company shortened to
PLC
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4 different types of employees
Temporary, Permanent, Full-time and Part time
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What is a consultant and how do they help a business
A consultant is someone that is brought into a business that has a special skill (computers) and they get paid to help a business for a period of time.
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What are the 6 factors influencing start up location
technology, cost, infrastructure, market, qualitative, competitors
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Sources of finance available to start a business
Bank loan, overdraft
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Government support for entrepreneurs
Princes trust- GOV
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Features of copyright
1) protects writen work, music, logo etc 2) its free 3) can fine people if they use your idea
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Features of patents
1) used for a invention 2) last for 20 years 3) cost 4) protects design- drawings 5) have to apply
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3 Types of sampling
Random, quota, stratified
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What is opportunity cost
The benefits you could have received by taking an alternative action.
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How do you work out Break even
Fixed cost x Contribution
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Work out contribution
Selling price - variable cost
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Advantages of a business plan
1) clear plan for the future 2) determines demand of product 3) forces you to think realistically
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Disadvantages of a business plan
1) can see weaknesses in your business 2) can lead to faulty marketing desisions 3) unrealistic financial projections
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what factors can change demand of a product
1) seasonal demand 2) price 3) competitors 4) marketing
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Niche market
Attract small segments of the population- willing to pay high prices for something that is unique- better quality products- know the cutomers needs and wishes
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Franchise
A business that already has a successful product or service- work under the fanchisors name and guidence- in exchange for a fee- eg Subway
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What is Qualitative Research

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It is used to gain an understanding of underlying reasons, opinions, and motivations. eg focus groups

Card 3

Front

Name 4 different types of markets

Back

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Card 4

Front

What is Private Limited Company shortened to

Back

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Card 5

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What is Public Limited Company shortened to

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