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47 Cards in this Set
- Front
- Back
What are the four factors of production?
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Labour, Capital, Land, Enterprise
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Name the sectors of industry.
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Primary, Secondary, Tertiary
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What are the sectors of economy?
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Private, Public, Third
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Who owns and runs a Private Limited Company?
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The shareholders own it, the board of directors run It
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What are social enterprises?
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An organisation that has one aim and gets no profit
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What are the three typical business objectives?
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Survival, Profit and Customer Satisfaction
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What is PESTEC?
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Political, Economic, Social, Technological, Environmental, Competitive |
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What are internal factors and external?
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Internal Factors are things that are inside the business that influence how it operates, and external are outside the business. |
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Name some internal factors.
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Financial, Human Resources, Technology
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What are Stakeholders?
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` People who influence a business |
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What is marketing?
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Marketing is trying to find out what the customer want's and needs.
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Give three reasons why Marketing is important?
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- Attracts new customers. - It helps the business grow. - It increases profits. |
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What is the "Market Segment"
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This is when a business focuses the product they have made on a specific group of people.
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What is a market? |
A market offers a good or service to the customer. |
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Name three places a market can be found.
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- In a shop - Over the telephone |
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What is Market Growth?
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business is called Market Growth, |
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What is Market Share?
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What is a Market Leader?
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sector. |
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What are the four things in the marketing mix? |
Product, Price, Place, Promotion
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Name some activities that have to be done during Product development.
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- Market Research - How they will promote the product. - The place they will. - The method of production has to be figured out. |
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What should a business take into account when pricing a product? |
How much profit is wanted. How much of the product can be supplied. The life cycle of the product. |
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Name the 5 pricing strategies. |
Low Price, High Price, Promotional Pricing, Cost-Plus pricing, Psychological Pricing |
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What is cost-plus?
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It is how much the product costs + how much profit the business wants to make. |
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What is Psychological Pricing? |
It makes the customer thing that they were getting a bargain. (so instead as £1.00 make it 99p) |
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Name four distribution methods. |
Road, Train, Plane, Boat
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List two risks of developing a new product.
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- The reputation of the business may be damaged if the product is faulty. |
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Name the four stages of the product life cycle.
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Introduction, Growth, Maturity, Decline |
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What is a brand? |
A brand is a logo, name or symbol that is given to a group or type of products. |
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Give three reasons why businesses brand there products.
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To encourage customers to keep buying from the brand. New products can be introduced easier. The product will be more recognisable. |
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Give two disadvantages of Branding. |
Establishing a brand is very time consuming. |
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What are the disadvantages of having too much stock? |
Larger stock has a risk of going out of date. |
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What are the Method of Production? |
How a product is made, in lines of manufacturing. |
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What is Job Production?
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Job Production is when a product is made by hand, one at a time.
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What is batch production? |
It is when the same product is created at the same time, in bulk, usually done by machine. |
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What is flow production? |
It is when parts are added as it makes it's way along the product line. |
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What are the perks of making a high quality product? |
- Customers will continue to buy that product. - Profits and Sales are maximized. |
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How do you ensure quality to a product? |
Use good raw materials Use Quality Control Make sure the right skills are used. |
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How can a business be more environmental? |
- Minimize Wastage - Recycle - Use less packaging. |
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What is the department of operations? |
The operations are responsible for manufacturing the product. |
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What are three factors operations use to make a product? |
Inputs > Process > Output |
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What do the Department of Operations? |
- They make products - They manage stock - They ensure that raw materials are available |
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What is a supplier? |
A supplier sells raw materials to a business so they can make a product. |
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What are the disadvantages of having very little stock? |
- Unexpected orders cannot be met - A customer might not receive the product in time |
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What is advertising? |
Advertising makes customers aware that a product exists. |
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Name 8 ways of advertising? |
Internet, QR Code's, Apps, Email, TV adverts, Magazines, Billboards, Free Samples, Celebrity Endorsement |
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What are the two types of market research? |
Field Research and Desk Research |
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What is market research? |
It is when the business have to find out what the customers want, and what the competitor is doing. |