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24 Cards in this Set
- Front
- Back
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Marketing Mix
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combination of key themes that help a business to know more about the customer needs in selling a product. AKA the 4ps price, product, place and promotion.
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Price
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The cost of the product the customers are willing to pay for a product.
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Product
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It could be goods or services made by the business available for the customer for consumption.
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Promotion
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Where the business advertises the product for sale, gives a brief description of product and its uses as well as persuading them to buy it.
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Place
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The area in which the product is available to the customers from the producer to the customer.
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Sole Trader / Sole Proprietor
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Single owner of a business that has unlimited liability.
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Unlimited Liability
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When owner(s) of the business have to pay off debts with their own money and if the business goes bust then they lose all their money.
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Limited Liability
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When shareholders of a company are not personally liable to for the debts of the company - they only lose the amount of money they invested into the business.
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Companies
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Businesses that have shareholders who have limited liability.
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Records
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Evidence of a business' past events that can be kept in paper form or in the computer.
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HM Revenue & Customs (HMR&C)
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Government authorities in the UK responsible for collecting tax.
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VAT (Value Added Tax)
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A tax on the values of sales which is paid to the government by the business.
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Income Tax
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Tax deducted from the income of both workers and employers alike.
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National Insurance Contributions (NICs)
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Tax that is deducted on the wages of both workers and employers.
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Corporation Tax
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Tax on profit of limited companies.
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Customer Service
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The experience that the customer gets from a business that exceeds the needs and expectations of a business.
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Customer Satisfaction
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How the product meets the customers expectations.
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Repeat Purchases / Repeat Businesses
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Businesses that rely on customers to repeatedly make purchases or services.
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Job Applicant
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A person who wants to be chosen for a particular job with a business.
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Job Description
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Document that describes what the employee expected to do as well as their status in the business.
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Person Specification
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A profile of the type of person the business wants e.g what kind of skills they have and the qualities that have.
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Application Form
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Document that is filled in with personal details.
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Curriculum Vitae
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A brief of the main details about a person e.g contact information, qualifications and experience.
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Motivation
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The desire to complete a task and meet the needs of the business constantly.
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