Enterprise and entrepreneurship
Do your best impression of Mr Flain
Anything good
Name the 2 types of market research
Primary and secondary
Overdraft and trade credit. Are they short or long term sources of finance?
Short term
Sole traders and partnerships have .............. liability
unlimited
Groups or people that are affected by the actions of a business are called ..........
Stakeholders
An entrepreneur will come up with a new idea by having an original idea or by ...................
Adapting an existing product to make it better meets the needs of the consumer
Is a focus group an example of primary or secondary research?
Primary
Net cash flow is ........
inflows - outflows
A business decides to sell its product using e-commerce. What P of the marketing mix is affected?
Place
conflict
A new business idea can come about by old products becoming obsolete, changes in consumer needs and trends and also changes in ..............
technology
What plots competitors against 2 factors eg. quality and price and trys to identify a gap in the market?
Market map
A business needs to sell 1000 units a week to break even. It actually sells 1250. What is the margin of safety?
250
The following are all included in what?
the business idea; business aims and objectives; target market (market research); forecast revenue, cost and profit; cash-flow forecast; sources of finance; location; marketing mix.
Business plan
There are two main types of law that affect business. These are employment law and ................ law
Consumer
Adding value means what?
Adding value = the difference between the price of the finished product/service and the cost of the inputs involved in making it
When conducting market research we collect 2 types of data. What are they and which relates to statistics/ figurs etc?
Quantitative and qualitative
social objectives, personal satisfaction, challenge, independence and control are all examples of what that a business could have? (be specific as to financial or not)
Non financial aims and objectives
A business wants to be near its customers, near suppliers, near good transport links etc. All of this will help a business decide a good ...............
Location
This is the term that states by how much prices or fall over a period of time. An increase in this may make prices more expensive and could lead to lower levels of disposable income
Inflation
The following are all methods of adding value but which is missing? convenience, b................, quality, design, unique selling points
branding
What is a common method that businesses now use to conduct market research that has been made available as an option by improved technology?
Social media
What is the formula to calculate the BEP
FC/(SP-VC)
Private and Public limited companies are unincorprated or incorprated? What does this mean? need both for the money...
incorprated. This means that the business is a seperate legal entity from the people that run it.
The pound has changed from £1; Euro 1.05 to £1 to Euro 1.1. This is good for .................ers by bad for ............. ers
good for importers bad for exporters