Which stage has rapid sales?

Which stage has lots of competitors?

Which stage requires lots of advertising?

Which stage has the least production costs?

What stage has least competitors?

What technique and strategy is used in this advertisement?

Pop up advertisements , banner advertisements, floating advertisements are types of _______________.

What type of technique and strategy is used in this advertisement?

What type of technique or strategy is used for this advertisement?

What nutritional claim is found in this advertisement?

What type of technique or strategy is used for this advertisement?

What type of technique or strategy is used for this advertisement?

Who is the target audience?

Who could be the target audience of this advertisement?

What is a slogan?

What are the 3 parts of the design mix model?

What is USP?

A USP will offer one or more of these, as an improvement over the competition

impact of external factors on product development

Developments in technology that affect production capabilities and consumer preferences

what is the economy doing? and how this affects sales

Employment law , Consumer protection and Competition law

A period of economic decline when demand for work is low or even stops. Falling levels of consumer spending and confidence mean lower profits for businesses - which start to cut back on investment.

an increase in the amount of goods and services produced per head of the population over a period of time.

High levels of consumer spending, business confidence, profits and investment. Prices and costs also tend to rise faster. Unemployment tends to be low as growth in the economy creates new jobs

general slowdown in economic growth. Very weak consumer spending and business investment; many business failures; rapidly rising unemployment; prices may start falling (deflation)

Ownership of a creation or idea by an individual or business enterprise; includes patented, trademarked, or copyrighted property.

refers to the laws and regulations that businesses need to comply with in relation to how they compete in markets.

Makes sure that businesses act fairly towards their consumers - especially since consumers are sometimes in a much weaker financial position.

This is aimed at protecting the health, safety and rights of employees

Makes it illegal to copy and distribute protected works without the permission of the author or the author's representative.

Exclusive rights over an invention

safety requirements for types of products

• Discounts• Competitions• Buy one get one free (BOGOF)• Point of sale advertising• Free gifts/product trials• Loyalty schemes

entices customers, clears old stock, might encourage more custom (customer could buy more than intended)

limits your revenue, customers may expect lower prices in future, can undermine/alienate customers (customer who buys luxury item, luxury item is on promotion)

The public promotion of a product or service

Short-term incentives to encourage the purchase or sale of a product or service

Poor reputation = fewer sales = loss in revenue

• Product knowledge• Customer engagement (e.g. presentation, communicationskills)• After sales service are things staff should know for good.......

Good reputation = customer loyalty = increase in revenue

A business model in which the business and the owner(s) have separate legal identities

It is one that does not have a separate legal identity. Sole traders and partnerships are unincorporated businesses.

A business organization in which the business (not the owner) is liable for the company's debts

The owner is personally and fully responsible for all losses and debts of the business

business owned and operated by one person

Unlimited liability

Difficult to take holidays

High risk so hard to borrow from banks

Owner keeps all the profit

Owner can make decisions quickly

No boss, arguments do not occur

a business organization owned by two or more persons who agree on a specific division of responsibilities and profits

partnership in which only one partner is required to be a general partner

A binding legal document which states the formal rights of partners

Unlimited liability

Management disagreements

Lack of continuity

Frozen investment

Two or more owners

More capital available

Relatively easy to start

Income taxed once as personal income

Let HMRC know, insurance, Choose a name, Set-up a business bank account, Get compliant (know your legal responsibilities), Start accounting, Sort work space, legal structure for your business.

The investment should be in a tried and tested format and brand-The franchisee gets advice, support and training-The franchisor will also supply key equipment-It is easier to raise finance

Franchises are not cheap! - There are restrictions on marketing - There is always a risk that the franchisor will go out of business

A business established or operated under an authorisation to sell or distribute a company's goods or services in a particular area

money for investment

raising money for a project or venture by obtaining many small amounts of money from many people

Government grants available for small businesses, lowering start up costs and helping grow your business. They may be awarded by banks, theGovernment and/or charities.

wealthy entrepreneurs who risk their own money by investing in small to medium-sized businesses

A written description of the business idea and how it will be carried out, including all major business activities.

Teams of employees who have similar skills and expertise

- business objectives- business strategies- sales plan- marketing plan- financial forecasts

Human Resources Department including payroll functions and training.

responsible for managing and accounting for a business' money and profit.

Responsible for facilities, materials and equipment purchase AND maintenance

supports sales by planning, pricing, and promoting goods or services