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47 Cards in this Set

  • Front
  • Back
What are the four factors of production?
Labour, Capital, Land, Enterprise
Name the sectors of industry.
Primary, Secondary, Tertiary
What are the sectors of economy?
Private, Public, Third
Who owns and runs a Private Limited Company?
The shareholders own it, the board of directors run It
What are social enterprises?
An organisation that has one aim and gets no profit
What are the three typical business objectives?
Survival, Profit and Customer Satisfaction
What is PESTEC?

Political, Economic, Social, Technological,

Environmental, Competitive

What are internal factors and external?

Internal Factors are things that are inside the

business that influence how it operates, and

external are outside the business.

Name some internal factors.
Financial, Human Resources, Technology
What are Stakeholders?

` People who influence a business

What is marketing?
Marketing is trying to find out what the customer want's and needs.
Give three reasons why Marketing is important?

- Attracts new customers.

- It helps the business grow.

- It increases profits.

What is the "Market Segment"
This is when a business focuses the product they have made on a specific group of people.

What is a market?

A market offers a good or service to the customer.
Name three places a market can be found.

- On a website

- In a shop

- Over the telephone

What is Market Growth?

The increase on customers buying from the

business is called Market Growth,

What is Market Share?

The increase of the proportion of customers buying in that market?

What is a Market Leader?

A market leader is the most successful in that


What are the four things in the marketing mix?
Product, Price, Place, Promotion
Name some activities that have to be done during Product development.

- Market Research

- How they will promote the product.

- The place they will.

- The method of production has to be figured out.

What should a business take into account when pricing a product?

How much the competitor charges.

How much profit is wanted.

How much of the product can be supplied.

The life cycle of the product.

Name the 5 pricing strategies.

Low Price, High Price, Promotional Pricing, Cost-Plus pricing, Psychological Pricing
What is cost-plus?

It is how much the product costs + how much profit the business wants to make.

What is Psychological Pricing?

It makes the customer thing that they were getting a bargain. (so instead as £1.00 make it 99p)

Name four distribution methods.

Road, Train, Plane, Boat
List two risks of developing a new product.

-Customers might not want the product.

- The reputation of the business may be damaged if the product is faulty.

Name the four stages of the product life cycle.

Introduction, Growth, Maturity, Decline

What is a brand?

A brand is a logo, name or symbol that is given to a group or type of products.
Give three reasons why businesses brand there products.

To encourage customers to keep buying from the brand.

New products can be introduced easier.

The product will be more recognisable.

Give two disadvantages of Branding.

If one product is very low quality, then it may affect that brands whole product line.

Establishing a brand is very time consuming.

What are the disadvantages of having too much stock?

It costs more money to store more stock.

Larger stock has a risk of going out of date.

What are the Method of Production?

How a product is made, in lines of manufacturing.
What is Job Production?
Job Production is when a product is made by hand, one at a time.

What is batch production?

It is when the same product is created at the same time, in bulk, usually done by machine.

What is flow production?

It is when parts are added as it makes it's way along the product line.

What are the perks of making a high quality product?

- Customers will continue to buy that product.

- Profits and Sales are maximized.

How do you ensure quality to a product?

Use good raw materials

Use Quality Control

Make sure the right skills are used.

How can a business be more environmental?

- Minimize Wastage

- Recycle

- Use less packaging.

What is the department of operations?

The operations are responsible for

manufacturing the product.

What are three factors operations use to make a product?

Inputs > Process > Output

What do the Department of Operations?

- They make products

- They manage stock

- They ensure that raw materials are available

What is a supplier?

A supplier sells raw materials to a business so they can make a product.

What are the disadvantages of having very little stock?

- Unexpected orders cannot be met

- A customer might not receive the product in time

What is advertising?

Advertising makes customers aware that a

product exists.

Name 8 ways of advertising?

Internet, QR Code's, Apps, Email, TV adverts, Magazines, Billboards, Free Samples, Celebrity Endorsement

What are the two types of market research?

Field Research and Desk Research

What is market research?

It is when the business have to find out what the customers want, and what the competitor is doing.