What type of data is used in market research?

Qualitative and quantitative data

What is a component of the competitive environment?

Strengths and weaknesses of competitors

What is the importance of cash to a business?

To pay suppliers, overheads, and employees

What is the concept of limited liability?

Owners are not personally responsible for business debts beyond their investment.

What is one factor influencing business location?

Proximity to market and competitors

What is the role of a business plan in planning business activity?

To minimize risk and obtain finance

Who are considered business stakeholders?

Shareholders, employees, customers, managers, suppliers, local community, pressure groups, the government

What type of questions does the paper consist of?

Calculations, multiple-choice, short-answer, and extended-writing

How do ethical considerations influence business activity?

They can lead to trade-offs between ethics and profit.

What is one impact of environmental considerations on business activity?

They can lead to trade-offs between the environment, sustainability, and profit.

What is the potential impact of pressure group activity on the marketing mix?

It can influence changes in the marketing mix.

What influences pricing strategies in marketing? Options: Technology, competition, market segments, product life cycle, Function, aesthetics, cost, Advertising, sponsorship, branding, Retailers and e-tailers

Technology, competition, market segments, product life cycle

How can the marketing mix be used to build competitive advantage?

By integrating all elements effectively

What is the primary purpose of business operations?

To produce goods and provide services

What is the impact of technology on production?

Balancing cost, productivity, quality, and flexibility

What is a key role of procurement in working with suppliers?

Building relationships based on quality, delivery, and trust

Why is quality important in business operations?

It helps control costs and gain a competitive advantage.

What is a component of the sales process?

Product knowledge and customer engagement

What is the concept and calculation of gross profit?

Total revenue minus cost of goods sold

What is the average rate of return used for?

Evaluating investment profitability

Business Full Flashcard Flashcards

Student preview

57 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Why do new business ideas come about?

Back

Changes in technology

2.

FLASHCARD QUESTION

Front

What is one way new business ideas come about? Options: Copying competitors, Original ideas, Reducing prices, Increasing advertising

Back

Original ideas

3.

FLASHCARD QUESTION

Front

What is a potential risk in business activity?

Back

Financial loss

4.

FLASHCARD QUESTION

Front

What is a reward of business activity?

Back

Profit

5.

FLASHCARD QUESTION

Front

What is one role of business enterprise?

Back

To produce goods or services

6.

FLASHCARD QUESTION

Front

What is a role of entrepreneurship?

Back

Organising resources

7.

FLASHCARD QUESTION

Front

What are the key components of customer needs?

Back

Price, quality, choice, convenience

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