Marketing
The specific demographic which a business aims and tries to make sell their product/service to
What is a target market/audience?
Private limited companies must file their accounts annually with this authority
What is the Companies Registration Office (CRO) ?
This type of expansion involves a business opening more outlets itself.
What is organic growth?
This term describes costs that do not change with output.
What are fixed costs?
The purpose of this stage is to filter out ideas that are not viable for development.
What is product screening?
The process of dividing a market into smaller groups based on shared characteristics
What is market segmentation?
This document outlines the roles, responsibilities, and profit sharing of partners.
What is Deed of Partnership/Partnership Agreement?
This is a method of business expansion where one business allows another to operate under its name."
What is franchising?
The sum of fixed and variable costs.
What are total costs?
A simplified version of the product used to test concepts and designs.
What is a prototype?
This is the term for the emotional connection a customer feels toward a brand.
What is brand loyalty?
This form of ownership is based on democratic decision-making.
What is a co-operative?
Expanding businesses can benefit from cost benefits such as discounts from bulk buying, also called this.
What is economies of scale?
This is calculated by subtracting variable cost per unit from the selling price per unit.
What is the contribution per unit?
A small-scale launch to evaluate the product's performance in a limited market.
What is test marketing?
A short, memorable phrase used to reinforce a brand's identity or message.
What is a slogan?
One key difference between a PLC and an LTD
What is the ability to sell shares to the public?
An Irish government agency that helps businesses expand globally
What is Enterprise Ireland?
Break-even charts are often used in these business documents for funding.
What are business plans?
This feasibility study assesses whether a project is financially viable, considering costs, revenue, and profitability.
What is a financial feasibility study?
This form of promotion focuses on direct interaction with customers, such as at trade shows or events.
What is personal selling/direct sellling?
This is the term for a business name that differs from the owner's personal name.
What is a trading name?
This type of integration occurs when a business expands into a different stage of the supply chain.
What is vertical integration?
The area below the break-even point on a chart.
What is loss?
This type of test is used to evaluate a product's appeal before full-scale production by showing it to a select group of potential customers.
What is a focus group?