research that can be collected by yourself e.g) questionnairs
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what are extension strategies?
these are used to try prevent sales going to decline e.g) developing a wider product range
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whats the order of the product life cycle?
1. introduction 2. growth 3. maturity 4. decline
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why is repeat purchase so important?
it increases the amount of sales of the product and less risk of declining
5 of 19
what is the boston matrix for?
this allows a business to see how successful there product is in terms of its market share and growth
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what is meant by branding
a product with a unique character that differentiates them for instance in design or image
7 of 19
what is a buffer stock for?
a buffer stock is a way of guaranteeing their is always stock in place but not too much of it, new stock will be delivered just as the old stock runs out.
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whats a just in time method?
it prevents stock being run out as stock is arrived just in time as it need it
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whats quality control?
this is making sure the product is of a high standard. and checking the productivity of the product at the end
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what is quality assurance
this is step by step management which checks the quality of the product throughout the making of it.
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what is inflow in a business?
this is cash coming into the business such as sales and sponsers
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what is outflows in a business?
this is money going out a business such as wages and bills
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how can you improve cash flow?
you have to make the outflow decrease by minimising wages/bills etc.
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what is break even?
this is when the revenue is equal to the costs
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what is a fixed cost?
these are costs that don't change with output
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variable costs
these are costs that do change with output
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who invented the hierachy of needs?
maslow, his thoughts being that workers work in order o be able to climb further up the hierarchy
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why is communication in a business so important?
because without it it may cause mistakes in the making which can then influence higher cost and therefore less profit
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Other cards in this set
Card 2
Front
what is primary data?
Back
research that can be collected by yourself e.g) questionnairs
A handy resource to check progress and make a change during a period of revision. Some of the questions are quite tricky and it will highlight areas that still need to be revised.
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