A
What is an entrepreneur?
A person who sets up a business or businesses
Advertising has two purposes. Name one.
Informing people as to what you have on offer
Persuading them to make a purchase
Name one way that the market could be segmented.
Age, gender, race, income, location (many more)
Give a benefit of direct debits
Only need to be set up once - minimal effort
Cannot forget to pay
What three aims might have an enterprise have?
Make a profit, break even or grow brand awareness
What will we be doing next on this course?
Pitching our Enterprises
Which comes first: purchase order or receipt?
Purchase order
Describe an external factor that could impact the success of an enterprise
Change in costs, competitors, consumer behaviour or consumer legislation.
What is the difference between turnover and profit?
Turnover is how much money enters your business whereas profit is how much you make after the costs of running the business
Give an example of how a business may try to be more ethical
By being more inclusive and open. This could mean they offer options for vegans, vegetarians and consider their supply chain. It may also mean that they welcome people who feel marginalised such as those with disabilities.
What is market research?
When a person or company finds out information about their customers and competitors
There are two types of profit: net profit and gross profit.
Which one would you expect to be larger?
SWOT stands for...
Strengths
Weaknesses
Opportunities
Threat
Give an example of an asset
Equipment, real estate, stock, money owed to you
Surveys, focus groups, questionnaires, social listening
Give an example of something you may want to know about a competitor?
Salaries, prices, target audience, reputation (may accept others)
B2C stands for...
Business to consumer
PEST stands for...
Political
Economic
Social
Technological
Why might a company need finance?
To set up, to grow or to cover running costs
What does USP stand for?
Unique selling point
Name a form of promotion
Advertising, sales promotions, public relations, direct marketing or personal selling
How does an entrepreneur know at what point they will begin to make a profit?
They work out their break even point.
Why are risk assessments important?
To plan for unexpected events and to demonstrate you did all you could to people safe
What is the difference between qualitative and quantitative data?
Qualitative data is more detailed and personalised whereas quantitative data involves numbers and statistics
Why is good customer service important?
Encourages a customer to feel they had value for money, they are more likely to come back and to recommend to friends.