Business studies

Question	Answer
What is the name of the business model on the left? ( aesthetics function economic manufacture)	The design mix
What are the 4 types of marketing in the matrix marketing	Starts ,question marks, cash cows, digs
What are the 5 stages of the product life cycle?	Development introduction growth maturity decline
What kind of strategy can we launch when our product is at the end of its life?	Introducing a new pricing style or even a new product feature to try increase sales
what is a e commnace	buying and selling products online
Give an advantage and a disadvantage for a customer of using e-commerce.	Advantage: fast response to the consumer Disadvantage: the consumer can not feel or touch the product
What’s the difference between tangible and intangible?	Tangle is something you can touch physically intangible is something you can not touch
What is the Boston Matrix used for?	When a business seven different products in idea the Boston matrix and analyze and categories
What is cost plus pricing?	When a business works out what it costs to buy or make a product and then adds on the profit it would like to make
What is psychological pricing?	Psychological pricing is the business practices of setting prices lower than there normal price
What is price penetration?	Lowing there price to attract new customers
What is competitive pricing?	Setting a higher/lower price then another competitive business product
What is promotional pricing?	The price of the product is reduced for a short amount of time
What is the difference between quantitative and qualitative data?	Quantitively data: fact based and statistical information that can often be presented in graphs or chats Qualities data: states the opinions of the number of individuals in a report
What is market research?	To help there business understand there target
What is primary research?	When a business collects data directly from a sourse
What is primary research?	When a business collects data directly from a sourse
What is secondary research?	Completed suing data from other existing sources
Give 5 methods of primary research?	Observations Questionnaires Telephone interviews Focus groups Consumer trails
Give 5 methods of secondary research?	The data government reports News articles Competitor annual reports Research papers Purchased research material
Give an advantage of primary research?	The information is up to date
Give an disadvantage of primary research?	Costly to the business
Give an advantage of secondary research?	The data all ready exists
Give an disadvantage of secondary research?	Give an disadvantage of secondary research?
Define economies of scale	a proportionate saving in costs gained by an increased level of productions
What’s the difference between a mass and a niche market?	Mass markets: producing goods on a large scale Niche Markets: producing specialized products on a small scale
What’s the difference between a mass and a niche market?	Mass markets: producing goods on a large scale Niche Markets: producing specialized products on a small scale
Mass markets: producing goods on a large scale Niche Markets: producing specialized products on a small scale	A mobile phone and a packet of sweets
What does USP stand for?	unique selling proposition
What does economic manufacture mean?	Manufacturing is the processing of raw materials or parts into finished goods through the use of tools
What does economic manufacture mean?	Manufacturing is the processing of raw materials or parts into finished goods through the use of tools
At which part of the product lifecycle does the business have to advertise its products a lot to try and improve customer knowledge and sales?	Maturity
'Actions a business can take to extend the life of a product and increase sales’	They can extend the product by changing the price and try and promote your product to increase sales

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	Created by Mason Lang about 3 years ago