Unit 3 Business Studies

Lauren Thrower
Flashcards by , created about 4 years ago

Business Studies (Unit 3)

Lauren Thrower
Created by Lauren Thrower about 4 years ago
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Question Answer
Maslow's Hierachy of Needs 64ff19d3-7846-4f4c-923d-d2dbb0bbd448.jpg (image/jpg)
The Trade Descriptions Act Businesses deal and sell to customers, all must not: - Give false information - Fail to give important information - Act aggressively (force the sale)
The Sale of Goods Act Products and services sold by a business must: - Be of merchantable quality - Match their description - Be fit for purpose
Boston Matrix Is a product portfolio analysis tool used to a plan the development of products. - Star, very successful - Question mark, Problem - Cash Cow, Little growth - Dog, Few propects
Extension Strategies Increases the life of a product by slightly changing the product so that it has a fresh appeal to the target market or appeals to a new market segment.
Product Life Cycle The stages through which a product passes from its development to being withdrawn from sale.
Customer Loyalty The willingness of buyers to make repeated purchases of a product or from a business.
Market Segments Part of a market that contains a group of buyers with similar buying habits.
Focus Group A group of people assembled to participate in a discussion about a product before it's launched.
Qualitative Data Data about opinion, judgements and attitudes.
Quantitative Data Data that can be expressed as numbers and can be statistically analysed.