Business ownership
Name two forms of business
Sole trader
Partnership
Public Company
Not for profit
Franchise
What is target marketing?
Marketing your product to a segment or a niche.
What are the main elements of marketing mix
Place, price, product, promotion
What is the term for: a way of obtaining information to form or create a description of the typical customers. This is then used to assist in the future decision making of the business.
Customer profiling
Name two aspects of a business to consider when starting a business
Tax
Ownership
Liability
Succession
Sources of finance
Name the other two market characteristics. The first one is Geographic
Demographic and psychographic
Features, packaging, Customer service, branding are all associated with what type of marketing. (one of the Ps)
Product
2 reasons place (location) is important
more passing traffic, type of clientele, close to target market
What would be the best business set up for tax exemptions?
Not for profit
What is the term for the communication of information about the product to the target market, while also influencing the behaviour and attitudes of the consumer
Promotion
Identify two different ways that a café could promote is business/products
What is the term for: all the ways that a business can create an identity that the customer can see and be reassured by.
Physical Presence
One way could you get publicity as a business
Sponsorship, media spots, launch events/party
What can a business do to improve physical presence?
Signage, Web page, uniforms
3 ways customer profiling might influence a business such as a restaurant?
food options, e.g. healthy food choices
opening times, e.g. before work, after work, weekends
locations, e.g. access to easy parking, near grocery stores.
2 ways you might promote a business or product
Advertising, Sales, Publicity, In store samples
2 things you could do as a business to build customer relations
Give aways (free glass of wine), loyalty programs (tenth coffee free), special treatment (reserve the best table)
Name the three pricing strategies to attract new customers
Skim pricing: set a high price for unique products
Penetration pricing: set lower prices for products than the competitors.
Psychological pricing: prices such as $3.99 in stead of $4 - seems better value