GCSE- Business UNIT 1-Marketing

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  • Created by: DonaJ2002
  • Created on: 12-10-17 17:36
Give Examples Of Primary Research
1. Questionnaires 2. Surveys 3. Focus Groups 4.Observation
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Benefit(s) of Primary Research
1. Direct from customers 2. Accurate 3. Up to date info
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What are the inconvenience of Primary Research?
1. Time Consuming 2. Expensive
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Give Examples of Secondary Research
1. Internet Research 2. Government Stats 3. Newspapers
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Benefit(s) of Secondary Research
1. Less Time Consuming 2. Less Effort 3. Data already provided
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Disadvantage(s) of Secondary Research
1. Might not be relevant to your needs
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What is Market Segmentation?
Customer Group with Similar Characteristics and Buying Habits
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What does Market Segment allow a business to do?
1. Meet specific customer needs 2. Differentiate 3. Focus on specific group 4. Build close customer relationships
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How can a Product be Differentiated?
1. Design 2. New Features/ Flavours 3. Packaging 4.Wider Product Range
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What is a Brand?
Name, symbol, logo, words or a combination of all that helps customers to identify a business
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What is Added Value?
Difference Between what a Business Pays its Suppliers and what a Customer Pays the Business
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How to Add Value:
1. USP (Unique Selling Point) 2. Better Design 3. Better Quality 4. Brand
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Why is Added Value Important for a Business?
1. Pays Off Business' Costs- Quicker it's done= Quicker Profit Made
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What is a Financial Objective?
Objectives that are to Do with Money or Success: Surviving in the market, Motivating Customers
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What is a Non- Financial Objective?
Objectives that Aren’t to do with Making Money: Personal satisfaction, Having Control over Business
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What is an aim or an objective?
A Statement which states something the Business, is Trying to Achieve
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Aims/ Objective for a Business in the First 12 Months:
1. Survive 2. Make Profit 3. Growth 4. Increase Market Share
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What is a Sole Trader?
Business Owned and Controlled by One Person, Although they may Employ workers.
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What are the Benefits of a Sole Trader?
1. Easy to Set Up 2. Make Own Decisions 3. Control 4. Keep a certain amount of Profit
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What are the Disadvantages of a Sole Trader?
1. No One to Share Responsibilities 2. Not Flexible 3. Forced to Sell Personal Assets when in Debt.
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What is a Partnership?
Business Owned by 2+ Owners.- Contract called Deeds of Partnership
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What are the Advantages of a Partnership?
1. Shared Responsibility 2. More Flexible 3. there is Someone to Help you 4. Less Time Pressure
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What are the Inconvenience of a Partnership?
1. Arguments/ Disagreements can Occur 2. Dispute of Profit Share 3.
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What is a Franchise?
A Franchisor gives rights of using their Brand Name, Logo & Products to a Third Party- a Method of Expanding your Business
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What are the Advantages of a Franchise?
1. Brand, Brand Image are Already Well Known 2. Higher Chance of Survival 3. Training Provided 3. Access to Tried and Tested Products
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What are the Disadvantages of a Franchise?
1. Start Up Costs= Expensive 2. Royalty Payment 3. Lack of Control 4. Limited Flexibility 5.Cannot Make Own Decisions
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Who is an Entrepreneurs?
Owner of a Business who takes Risks, shows Initiative and Willingness to Undertake New Venture
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What are the Enterprise skills?
1. Risk Taking 2. Willingness to Under Take New Ventures 3. Initiative
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What is Thinking Creatively?
Unique and Creative ideas= Differentiate from Competitors, be Successive
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Methods of thinking Creatively:
Blue Skies: Solving Problems as Soon.. 2. Lateral Thinking- 6 Thinking Hats= Finding Unexpected Ideas 3. Deliberate Thinking- New Ideas from Accepted Techniques- Mind Maps
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What is Cash Flow?
Inflows and Outflows of Cash
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How to Calculate Profit:
TC (Total Costs)- TR (Total Revenue)
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How to Calculate Receipts:
NCF (Net Cash Flow) + TP (Total Payment)
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How to Calculate (TP) Total Payments
Add All Payments (Raw materials etc.)
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How to Calculate NCF?
CBB (Closing Bank Balance) - OBB (Opening Bank Balance)
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How to Calculate Opening Bank Balance (OBB)
Previous Month's CBB (Closing Bank Balance)
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How to Calculate CBB (Closing Bank Balance)
NCF (Net Cash Flow) - OBB (Opening Bank Balance)
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What is Limited Liability?
Legal Responsibility of Business Towards Debts
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What is Short Term Finance?
1. Bank Overdraft 2. Trade Credit 3. Credit Cards 4. Delay Payments (Shortly, Bank Overdraft will Credit you Trade and Credit Card, you'll have to Delay Payments- reducing cash outflow)
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What is Long Term Finance?
1. Share Capital 2. Lease (Rent) 3. Mortgages 4. Loans (Long Capitals Share and Lease Mortgages and Loans)
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Advantages of Short Term Finance
1. Reduce Cash Outflows by Delaying Payments
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Disadvantages of Short Term Finance
1. Risk of not paying back
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Advantages of Long Term Finance
1. Flexibility & Control over Spending
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Disadvantages of Long Term Finace
1. Higher Interest Rates
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What are the 4 Elements of Marketing Mix
4 P's: 1. Product 2. Price 3. Place 4. Promotion
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Card 2

Front

Benefit(s) of Primary Research

Back

1. Direct from customers 2. Accurate 3. Up to date info

Card 3

Front

What are the inconvenience of Primary Research?

Back

Preview of the front of card 3

Card 4

Front

Give Examples of Secondary Research

Back

Preview of the front of card 4

Card 5

Front

Benefit(s) of Secondary Research

Back

Preview of the front of card 5
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