Marketing
What is the marketing concept?
This business concept focuses on satisfying consumer needs and wants before developing a product.
List 3 internal sources of business ideas?
Hobbies & interests, unexpected events, own strengths & weaknesses, frustration, skills & knowledge, brainstorming, intrapreneurship, R/D
What storm caused major disruptions, power outages, and closures of Christmas markets in Ireland?
Storm Bram
This company is known for its strict cost-cutting and "no frills" service.
Ryanair
What is unlimited liability?
Entrepreneurs is responsible for all debts of the business, even if that means using their own personal assets to cover the cost of the debt.
What is marketing?
These are the business processes used to understand, anticipate, and satisfy consumer needs now and in the future.
Explain the term import substitution
Producing goods in Ireland that were previously imported.
What is the name of the finance minister that announced he is taking a new international role, joining the World Bank?
Paschal Donohoe
Which Irish coffee shop chain, founded in Galway in 1996, is often seen as Starbucks' biggest rival in Ireland?
Insomnia
What state agency helps Irish businesses export internationally.
Enterprise Ireland
What is a niche market?
A small specialist market with few suppliers, such as gluten-free products.
Explain 2 factors that impact the development of business ideas.
Innovation & creativity, market demand, competition in the market, financial resources, regulatory environment, economic conditions, entrepreneur ability, technological advancements.
What Consumer Agency warned that competition has weakened in parts of the services sector?
Competition and Consumer Protection Commission (CCPC)
What Irish convenience store chain has the slogan "Live every day"?
Centra
What state agency helps small start up businesses?
Local Enterprise Offices (LEOs)
What is psychographic segmentation?
Dividing a market based on beliefs, lifestyles, and attitudes.
Explain the term feasibility study and give an example.
An investigative report assessing the potential and profitability of a business idea (eg) market feasibility/financial feasibility/production feasibility/ skill feasibility
What Trade Union has called for pay increases of up to 6% next year?
ICTU (Irish Congress of Trade Union)
The famous Irish food company that produces dairy products, including butter, and is known for its green packaging.
Kerrygold
How many people are involved in a private limited company?
Between 1 and 149 shareholders
State 2 advantages and 2 disadvantages of both desk and field reserch.
Field - specific, confidential, expensive, time consuming
Desk - large amounts, convenient, outdates, unreliable
What is design thinking?
A user-centred, solution-focused approach that is iterative and non-linear.
Disney has announced it is going to invest how much into OpenAI?
1 billion dollars
What is the name of the Irish software company, founded by brothers from Limerick, that processes billions of dollars of online payments globally.
Stripe
What is economies of scale?
The financial advantage gained when output increases and average costs fall. (The more you produce, the cheaper it is).