Fichas
Business Studies
Fichas del conjunto (31)
- 1Business Unit 1:)
- 2Businesses What is a business?A business is an organisation whose purpose is to produce goods and services to meet the needs of customers.
- 3What things do you need to think about when setting up a business?How will the business be financed
What is required to get it up and running?
What products will be sold? - 4What is a supplier?A business that sells (supplies) products to another business
- 5What is production?Using raw materials, labour, and machinery to make products
- 6Define what a customer is?A person or organisation that buys the product or service
- 7What is a consumer?The person that uses (consumes) the product
- 8Primary research?Collecting data that did not exist before
- 9Examples of primary research?Surveys
Focus groups
Observations
Questionnaires - 10Secondary research?Collecting data that already exists
- 11Examples of Secondary research?Internet research
Books
Local newspapers
Sales data - 12What can market research tell a business?What features customers want
How much they are willing to pay
Where they shop
Who the main competitors are - 13Advantages of Primary research?More accurate
Up to date
Specific to needs
Effective to collecting qualitative data
Direct customer contact - 14Advantages of Secondary research?More general
Less time consuming
Effective at collecting quantitative data - 15Qualitative data?Information about opinions, judgement's and attitudes
- 16Quantitative data?Data that can be expressed as numbers and statistically analysed
- 17Market mapping?Helps businesses to identify market segments and position their products through identifying gaps in the market
- 18Market segments?A group of buyers with similar characteristics and buying
Splitting up the market in different categories - 19What ways can a market be segmented?Age
Gender
Income
Lifestyle
Life-stage - 20What are the benefits of market segmentation?Meets specific customer needs
Differentiate their products
focus on a specific group of people
Target marketing actively - 21Market map?A diagram an used to position and compare products in a market and identify opportunities where customer needs are not being met
- 22Ways to compete?Wider product range
Higher quality
Better product features
Stronger brand image - 23Branding?A brand is a named product that customers see as being different from other products and they can associate or identify with. A company or product can develop a unique brand image that customers associate them with
- 24Added value?It is the increased worth that a business creates for a product it is the difference between what a business pays its suppliers and the price that it is able to charge for the product
- 25Ways to add value?Unique selling point
Branding
Better design
Greater speed of service - 26The importance of added value?The higher the added value the sooner the costs can be paid off, so its quicker for the business to make profit.
More chance of survival
Long term growth - 27USP?A USP is another way to add value to a product.
A USP will also help a business compete - 28Franchise?It is the right given by one business to other businesses to sell goods or services using its name. The business that buy into franchise remain independent businesses
- 29What do franchise get when buying into business?The established brand name
Training
Equipment
Access to goods and services - 30Benefits of franchise?Higher chance of survival
Brand image and reputation established
Tried and tested products
Specific support and training provided - 31Drawbacks of a franchise?Start up costs expensive
Lack of control
Limited flexibility