BUSINESS UNIT 1

Description

Mind Map on BUSINESS UNIT 1, created by zoe.rockall on 01/12/2014.
zoe.rockall
Mind Map by zoe.rockall, updated more than 1 year ago
zoe.rockall
Created by zoe.rockall about 11 years ago
18
1

Resource summary

BUSINESS UNIT 1
  1. SPOTTING AN OPPORTUNITY
    1. Goods: products being sold
      1. Services: Tasks completed by business for customer
        1. Sucess: Unique Advertising Survival International
        2. CUSTOMER NEEDS
          1. Good customer service
            1. Plenty of staff
              1. Quick Service
              2. REPEAT BUSINESS
                1. Customers return to make repeat purchases
                  1. Special Offers
                    1. Experienced staff
                      1. Interesting stock
                        1. Importance: regular customers expansion staff happy word of mouth promotion
                        2. Stakeholders
                          1. Anyone with an interest in a business/ organisation
                            1. Tax payers
                              1. Governments
                              2. Sole Trader: smallest type of business owned and run by one individual
                                1. Benefit from your own work
                                  1. Own boss
                                    1. You get all the profit
                                      1. Income starts low
                                        1. If it goes wrong it's your fault
                                        2. FRANCHISE
                                          1. One business gives another business the right to trade under their name and sell their products
                                            1. A brand image and advertisement already done for you
                                            2. ANALYSING CUSTOMERS
                                              1. Market segments: A part of a market that contains a group of buyers with similar habits
                                                1. Age
                                                  1. Gender
                                                2. MARKET RESEARCH
                                                  1. Primary Research: Information gathered by yourself (focus groups,surveys)
                                                    1. Advantages: data up to date reliable
                                                      1. Disadvantages: expensive and time consuming
                                                      2. Secondary Research: Information collected from others (sales data, mintel reports)
                                                        1. Advantages: info easy to access cheaper than primary
                                                          1. Disadvantages: out of date unreliable
                                                          2. Quantitative data: Data that can be expressed as numbers (databases)
                                                            1. Qualitative date: Information about opinions (surveys)
                                                          3. SWOT Analysis
                                                            1. Strengths + Weaknesses
                                                              1. Threats
                                                                1. External factors: factors beyond the control of the business
                                                                  1. Opportunities
                                                                  2. Market Maps:
                                                                    1. shows the range of positions a product can take in a market
                                                                      1. high vs low price basic vs high quality young vs old
                                                                      2. MARKETING MIX
                                                                        1. Product
                                                                          1. Place
                                                                            1. Price
                                                                              1. Promotion
                                                                              2. Leadership
                                                                                1. Objective: a target that a business wants to acheive (financial/non-financial
                                                                                2. Added Value:
                                                                                  1. increased worth a business creates for a product compared to cost
                                                                                  2. Equal Opportunities
                                                                                    1. Importance towards staff:workers work harder if treated well they will be consistant breaking the law fined
                                                                                      1. Law protects discrimination against: age gender race religion
                                                                                      2. SUPPLY AND DEMAND
                                                                                        1. Demand: willing and able to purchase a good
                                                                                          1. Demand curve: how much consumers are willing to pay at any price level
                                                                                            1. Demand decreases as price increases because customers do not want to pay more than original
                                                                                              1. Goods market: buying + selling items to be consumed
                                                                                                1. Commodity market: buying + selling materials
                                                                                                2. Deliberate creativity:
                                                                                                  1. Identify problems then forcing the creation
                                                                                                  2. Lateral Thinking:
                                                                                                    1. creating solutions using imagion or looking at problems in an unexpected way
                                                                                                    2. Trademark: Protects a name
                                                                                                      1. Copyright: Protects content
                                                                                                        1. Patent: Protects Ideas
                                                                                                        2. Calculated Risk:
                                                                                                          1. chance of failure estimated
                                                                                                          2. Business Plan:
                                                                                                            1. development of a business giving forecasts of items eg. sales
                                                                                                            2. Fixed costs: loan payments on veichals cost of service
                                                                                                              1. Variable costs: Petrol buying materials
                                                                                                              2. Total revenue:
                                                                                                                1. amount of income from goods or service (price x quantity)
                                                                                                                2. Profit t
                                                                                                                  1. total revenue - total cost
                                                                                                                  Show full summary Hide full summary

                                                                                                                  Similar

                                                                                                                  Intellectual Property Rights
                                                                                                                  demi_preece123
                                                                                                                  Raising Finance
                                                                                                                  Charlotte Webber
                                                                                                                  Business Legal Structures
                                                                                                                  demi_preece123
                                                                                                                  Generating and Protection
                                                                                                                  Charlotte Webber
                                                                                                                  Legal Structures
                                                                                                                  Charlotte Webber
                                                                                                                  Enterprise
                                                                                                                  Charlotte Webber
                                                                                                                  Transforming resources
                                                                                                                  Charlotte Webber
                                                                                                                  Business Plans
                                                                                                                  Charlotte Webber
                                                                                                                  Market Research
                                                                                                                  Charlotte Webber
                                                                                                                  Bank Finance
                                                                                                                  demi_preece123
                                                                                                                  Business Legal Structures - created from Mind Map
                                                                                                                  demi_preece123