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477525
BUSINESS UNIT 1
Description
Mind Map on BUSINESS UNIT 1, created by zoe.rockall on 01/12/2014.
Mind Map by
zoe.rockall
, updated more than 1 year ago
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Created by
zoe.rockall
about 11 years ago
18
1
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Resource summary
BUSINESS UNIT 1
SPOTTING AN OPPORTUNITY
Goods: products being sold
Services: Tasks completed by business for customer
Sucess: Unique Advertising Survival International
CUSTOMER NEEDS
Good customer service
Plenty of staff
Quick Service
REPEAT BUSINESS
Customers return to make repeat purchases
Special Offers
Experienced staff
Interesting stock
Importance: regular customers expansion staff happy word of mouth promotion
Stakeholders
Anyone with an interest in a business/ organisation
Tax payers
Governments
Sole Trader: smallest type of business owned and run by one individual
Benefit from your own work
Own boss
You get all the profit
Income starts low
If it goes wrong it's your fault
FRANCHISE
One business gives another business the right to trade under their name and sell their products
A brand image and advertisement already done for you
ANALYSING CUSTOMERS
Market segments: A part of a market that contains a group of buyers with similar habits
Age
Gender
MARKET RESEARCH
Primary Research: Information gathered by yourself (focus groups,surveys)
Advantages: data up to date reliable
Disadvantages: expensive and time consuming
Secondary Research: Information collected from others (sales data, mintel reports)
Advantages: info easy to access cheaper than primary
Disadvantages: out of date unreliable
Quantitative data: Data that can be expressed as numbers (databases)
Qualitative date: Information about opinions (surveys)
SWOT Analysis
Strengths + Weaknesses
Threats
External factors: factors beyond the control of the business
Opportunities
Market Maps:
shows the range of positions a product can take in a market
high vs low price basic vs high quality young vs old
MARKETING MIX
Product
Place
Price
Promotion
Leadership
Objective: a target that a business wants to acheive (financial/non-financial
Added Value:
increased worth a business creates for a product compared to cost
Equal Opportunities
Importance towards staff:workers work harder if treated well they will be consistant breaking the law fined
Law protects discrimination against: age gender race religion
SUPPLY AND DEMAND
Demand: willing and able to purchase a good
Demand curve: how much consumers are willing to pay at any price level
Demand decreases as price increases because customers do not want to pay more than original
Goods market: buying + selling items to be consumed
Commodity market: buying + selling materials
Deliberate creativity:
Identify problems then forcing the creation
Lateral Thinking:
creating solutions using imagion or looking at problems in an unexpected way
Trademark: Protects a name
Copyright: Protects content
Patent: Protects Ideas
Calculated Risk:
chance of failure estimated
Business Plan:
development of a business giving forecasts of items eg. sales
Fixed costs: loan payments on veichals cost of service
Variable costs: Petrol buying materials
Total revenue:
amount of income from goods or service (price x quantity)
Profit t
total revenue - total cost
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