OCR Business The role of Marketing 2.1

The way a business informs customers about a new product or service...

• is the same operation for all businesses

• can vary depending on the size of the business

• is only done at a local level

• is only done at a national level

A business can understand the needs of its customers by...

• conducting market research

• making the best possible product

• setting a lower price than competitors

• having special offers such as buy one get one free

This the collection of data on consumer habits to help decision making in marketing

• Increasing sales

• Market Research

• Advertising

• Increasing production

What is Organic Growth?

• The growth of a business internally by increasing sales

• When a business mergers with another business

• Where a business takes a controlling interest in another business

• were 2 or more businesses agree to join together

A business plan would normally be written...

• Every month

• A month after a business starts

• after a business has become established and competitors are known

• before a business starts

A sole trader can:

• Only employ one person

• employ as many people as the owner wishes

• only employ workers where other workers agree

• not employ any workers because it is a sole trader working on their own.

A public limited company

• must have a minimum of £500,000 share capital

• must have a minimum of £50,000 share capital

• must have a maximum of £50,000 share capital

• has no minimum share capital

Survival in a business situation means...

• making products cheaper than competitors

• making sure the business continues to operate

• making less profit than last year

• providing good service rather than making profit

A stakeholder is...

• someone who objects to a business development they do not like

• a person or group of people who have an interest in business activity

• a person or group who always support business activity

• someone who will organise others in developing business activity

The principal role of marketing is to...

• Increase Sales

• Increase Profit

• Increase the number of products made

• Increase the skills of the workers