Market research
Define a market
a place where products and services are bought and sold
Name the 4 P's
Product
Place
Price
Promotion
1 function of a business plan
list goals
outline actions needed to meet these goals
How they will be achieved
identify problems
aid financial assistance
Name 1 economic policy
Fiscal Policy
Prices Policy
Industrial Policy
Monetary Policy
Direct Intervention Policy
Define digital technologies
computer based tools that process or use digital information to make something work
Define target market
a group of people who are most likely to want to buy a particular product or service
1 consideration to be made about price
Prices charged by competitors
total cost of making and selling the product
income levl of people who are going to buy the product
if the brand is well known or new to the market
What does SWOT stand for?
Strength, weaknesses, opportunities, threat
Explain any policy
Fiscal Policy- relating to national income and expenditure
Monetary Policy- relating to quantity of money in the countries economy
Prices Policy- controlling the minimum and maximum prices charged for certain goods
Industrial Policy- plans to encourage primary, secondary and tertiary sectors
Direct Intervention Policy- deciding the governments level of investment in businesses in Ireland
What does CAD & CAM stand for?
Computer Aided Design
Computer Aided Manufacturing
Gluten-free foods
Gamers
Mothers who buy organic nappies
how many channels of distribution are in the book?
4
Give an example of an oppotunity [swot]
economy, increased tourism, new markets, competitors leaving the market
Give an example of a job in the primary AND secondary sectors
Primary: agriculture, mining, fishing, forestry, oil
Secondary: builders, construction workers, factory workers, car manufacturers
Name 2 digital technologies
Communication
Sales and Marketing
Accounting and Finance
Design and Production
Administration
Name 2 types of market research
Field
Desk
Name 3 promotion strategies
Advertising, sponsorship, personal selling, sales promotion, public relations, product placement
What is key personnel
details of the main people involved in setting up the business, including their names and salary
Name 1 objective of these policies
Economic growth
Full employment
Control inflation
Improve balance of payments
Reduce national debt
Give 2 examples of an administration function
Photocopiers
Printers
Elevators
Fire alarms
Internet
Define market segmentation and give an example
the process of dividing the total consumer market into smaller groups, called segments, based on something they have in common.
Examples: Age, Income level, Occupation, Hobbies, Interests, Geography
successful Advertising objectives
A: attention
I: interest
D: desire
A: action
Name 3 of the headings in the business plan
The business
Key personnel
Marketing mix
the market
Fixed assets
Financial requirements
name 1 current economic issue in ireland
the housing crisis
the energy crisis
inflation crisis
cost of living crisis
Name 1 cost and 1 reward of using digital technologies
Costs:
Technology needs to be upgraded
Staff need training
annual service is required
ongoing support for operating a website
Rewards:
staff efficiency can improve
Costs are reduced as fewer staff are required
Decision making is quicker
Internet allows for products to be sold all over the world